Prices have moved up by nearly 5% as the Israel-Gaza war leads investors to the safety of gold
Gold has climbed close to $100 an ounce since Hamas attacked Israel more than week ago, but investors shouldn’t expect to see a straight shot higher for prices, even as geopolitical turmoil tends to lift demand for so-called safer investments.
As the conflict in Palestine escalated last week, market demand “shifted from riskier assets to safe-haven plays,” said Gule. Gold ‘relies on no one’ The rise in gold prices so far is “significant” and is a “reflection of short-term confidence in the markets,” David Russell, chief executive officer of GoldCore, told MarketWatch. Still, this is may be “just a small indication of how it is set to perform in the coming months.”“Gold reacts well on the back of uncertainty, and this is a very uncertain situation,” said Russell. — David Russell, GoldCore “Any war requires funding and that comes from printing money,” he said.
The precious metal isn’t likely to see prices climb above $2,000 an ounce for an extended period, or surge to new all-time highs in the short term, said Matthew Miller, senior equity analyst at CFRA Research.
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