As conflict in the Middle East continues to accelerate, so does safe haven demand for precious...
Escalating crisis in the Middle East has pushed gold to the $2,000 an ounce level once more as safe haven demand increases. Israel intensified its ground and air assaults on Gaza over the weekend, and global fears that the conflict will spread in the region have remained high as a result.
Meanwhile, there may be a ceiling on gold's current rise as investors await Wednesday’s monetary policy decision from the Federal Reserve.
It’s widely expected interest rates will remain the same, following a pause in September. This pause in rate hikes would be considered bullish for gold because the yellow metal is pressured when rates go up and other assets become more attractive. So while the anticipation is creating a little headwind for gold now, once the likely pause in interest rate hikes is confirmed, we may see prices go even higher.
Most are betting that the Fed will also keep its federal funds rate unchanged in December. It appears that the Federal Reserve does not have much room to tighten monetary policy, despite inflation remaining a sticky issue, and a pause or a pivot in the interest rate hike cycle could potentially kickstart the next leg of the precious metals bull market.
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