Gold Prices Close Higher as Conflict in Middle East Continues
October 26, 2023 – In the early morning of October 26, Beijing time, New York gold futures prices closed higher on Wednesday. The ongoing conflict in the Middle East has contributed to the increase in gold prices.
Investors in the gold market are closely monitoring the situation in the Middle East, as well as important U.S. economic data that could affect the Federal Reserve’s future monetary policy.
On Wednesday, December gold futures, the most actively traded gold futures market on the New York Mercantile Exchange, rose $8.8 from the previous trading day, closing at $1,994.9 per ounce, representing a 0.44% increase.
Bob Haberkorn, a gold futures market analyst, stated that concerns about the geopolitical situation will continue to support gold prices in the short term.
The conflict between Israel and Gaza has escalated, with the Israeli military intensifying its bombardment of southern Gaza, despite calls from the international community for a temporary de-escalation.
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