{"id":10284,"date":"2023-11-06T17:10:08","date_gmt":"2023-11-06T17:10:08","guid":{"rendered":"https:\/\/infundpros.com\/business\/israel-hamas-conflict-pushing-gold-price-to-highs-says-newmont-boss\/"},"modified":"2023-11-06T17:10:08","modified_gmt":"2023-11-06T17:10:08","slug":"israel-hamas-conflict-pushing-gold-price-to-highs-says-newmont-boss","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10284","title":{"rendered":"Israel-Hamas conflict pushing gold price to highs, says Newmont boss"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=2d284a5d-3ec9-477c-b9c0-805f2e2fd6ec\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The price of gold could soon break record levels if the Israel-Hamas conflict worsens, the head of the world\u2019s biggest miner of the precious metal has said.\u00a0<\/p>\n<p>Since Hamas militants launched their assault on Israel on October 7, the spot price of gold has risen sharply as investors flee for the safety of the metal, which is seen as a store of value during times of geopolitical uncertainty.<\/p>\n<p>\u201cThere are certainly scenarios that you could see it pushing up through record highs,\u201d said Tom Palmer, chief executive of Newmont Gold, in an interview with the Financial Times. \u201cUnfortunately those scenarios for our society aren\u2019t great.\u201d\u00a0<\/p>\n<p>Gold reached its nominal all-time high of $2,072 per troy ounce in August 2020 when the US economy was hit hard by Covid-19, causing investors to seek out bullion as the dollar suffered. <\/p>\n<p>Earlier this year, gold came close to breaking that record largely because of the regional banking crisis in the US. <\/p>\n<p>Despite the ferocious rise in interest rates globally \u2014 which should depress prices of a non-yielding asset like gold as bonds now have attractive yields \u2014 rampant central bank buying of bullion has supported prices. Strong consumer demand in China has also helped support the price of gold.<\/p>\n<p>Furthermore, the metal has rallied almost 10 per cent since the Israel-Hamas conflict broke out last month, settling at around $1,992 a troy ounce on Friday. <\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"1400\" height=\"1000\"><\/source><source media=\"(max-width: 490px)\"  width=\"600\" height=\"800\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/e0b2d870-7a9f-11ee-b673-89759250bd65-standard.pn.png\" alt=\"Line chart of $ per troy ounce showing Gold has surged since the conflict broke out in the Middle East\" data-image-type=\"graphic\" width=\"1400\" height=\"1000\"><\/picture><\/figure>\n<p>Although market veterans warn that safe haven flows for gold on geopolitical events are typically shortlived, traders fret that the conflict could spread, drawing in the wider Arab world. <\/p>\n<p>\u201cThe things we\u2019ve seen play out over the last few weeks is one of the factors behind gold enjoying the levels that it\u2019s sitting at now,\u201d said Palmer. <\/p>\n<p>The rise has also come as the US Federal Reserve reaches the end of a campaign of interest rate hikes. Investors\u2019 view that rates would be higher for longer was a key factor that pushed gold prices lower before the Israel-Hamas conflict broke out.<\/p>\n<p>The Fed on Thursday held interest rates steady for the second meeting in a row \u2014 though it has kept open the possibility of further tightening. <\/p>\n<p>\u201cWhen I think about gold price, I think that there\u2019s a lot of fundamentals that are sitting behind the levels that\u2019s been holding for the better part of this year,\u201d said Palmer. \u201cAnd unfortunately there are events playing around the world that leads to [the] gold price going up.\u201d<\/p>\n<p>His comments come as Newmont closes the largest deal in the industry\u2019s history \u2014 the\u00a0$19bn purchase of Australia\u2019s Newcrest Mining \u2014 solidifying the company\u2019s claim as the biggest player in the space. <\/p>\n<p>Newmont approached Newcrest in February, but was rebuffed, prompting it to raise its offer to A$29.4bn. Newcrest agreed to the deal in May. <\/p>\n<p>\u201cThis transaction is the largest in the gold industry and among the largest in the mining industry,\u201d Palmer said.\u00a0\u201cHalf of the world\u2019s top gold mines will be in our portfolio.\u201d<\/p>\n<p>The deal gives Newmont a greater foothold in copper production, an essential metal for the energy transition.\u00a0Gold companies have traditionally traded at a premium to copper producers, but this has been reversed in recent years.<\/p>\n<p>Greater scale will also increase Newmont\u2019s exposure to passive funds who want to allocate gold in their portfolio. <\/p>\n<p>Palmer declined to say whether more deals could follow as Newmont vies with rival Barrick Gold for leadership in the space. <\/p>\n<p>\u201cIt\u2019s really important that we roll up our sleeves and safely integrate these five operations into Newmont, deliver on our synergy commitments, and deliver on that portfolio optimisation,\u201d he said. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/2d284a5d-3ec9-477c-b9c0-805f2e2fd6ec\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The price&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-10284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Israel-Hamas conflict pushing gold price to highs, says Newmont boss | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The price of gold could soon\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10284\" \/>\n<meta property=\"og:locale\" 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