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Gold rebounded from an earlier week dip on Wednesday, as the safe-haven metal continues to be buoyed by the conflict in Middle East that looks to be far from resolved.
Spot gold edged 0.6% higher at $1,983.66 per ounce by 11:55 a.m. EDT, hovering near its highest in five months. US gold futures were up 0.3%, trading at $1,992.20 per ounce.
[Click here for an interactive chart of gold prices]
The geopolitical concerns are not going away in the short term, which will continue supporting gold, said Bob Haberkorn, senior market strategist at RJO Futures, in a Reuters note.
Israel’s military intensified its bombing of southern Gaza overnight, amid international calls for a pause in fighting.
Limiting bullion’s gains, the dollar index and benchmark US 10-year Treasury yields inched higher.
Investors’ attention now turns to US third-quarter GDP figures due on Thursday and the US PCE price index on Friday that could impact the Federal Reserve’s outlook on interest rates.
Markets are widely expecting the Fed to keep rates on hold at its policy meeting next month, according to the CME FedWatch tool.
If the data shows a slowdown, it will give Fed more reason not to raise interest rates, which should be very supportive for gold and see prices back above $2,000, added Haberkorn.
US business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday, underscoring the diverging path for central bankers in the two regions.
(With files from Reuters)
