Spot gold firmed 0.8% at $2,378.53 per ounce at 9:44 a.m. ET
Safe-haven gold gained on Thursday as persistent tensions in the Middle East added to the metal’s appeal despite robust economic data from the U.S. that raised prospects of fewer interest rate cuts.
Spot gold firmed 0.8 per cent at $2,378.53 per ounce at 9:44 a.m. ET . Prices touched an all-time high of $2,431.29 last Friday.In the Middle East, Israel has signaled it will retaliate to a volley of attacks from Iran despite calls for restrain from Western countries but has not said how. “When there are geopolitical tensions, the natural response is for investors to flee to gold, which is happening now. If the conflict further escalates, prices could go north of $2,500-$2,600, and if there is a ceasefire, then they could fall to $2,200,” said Everett Millman, chief market analyst with Gainesville Coins.Bullion’s upside came despite data showing U.S. weekly jobless claims were unchanged at low levels last week. Strong U.S.
“Long-term trends in the silver market remain bullish, and while short-term price movements can be volatile and influenced by futures trading.”
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