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Gold prices rose the most since July on Monday as safe haven demand soared after tensions ramped up in the wake of the Hamas attack on Israel.
The precious metal had risen as much as 1.2% earlier in the session before paring some of the gains as financial markets braced for headwinds and volatility from the shock attack by Gaza militants. “While the sudden crisis in Israel has added a small premium to gold, bigger gains will only come if there is a much more substantial escalation across the region,” David Lennox, an analyst at market research firm Fat Prophets,
The tensions in the Middle East may mean that the Federal Reserve will not “continue to hike rates into increased uncertainty, and the prospect for peak rates have suddenly move closer despite the potential inflationary impact of higher oil prices,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
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