{"id":7261,"date":"2023-10-30T20:52:54","date_gmt":"2023-10-30T20:52:54","guid":{"rendered":"https:\/\/infundpros.com\/markets\/gold-prices-settle-above-2000-at-highest-since-end-of-july\/"},"modified":"2023-10-30T20:52:55","modified_gmt":"2023-10-30T20:52:55","slug":"gold-prices-settle-above-2000-at-highest-since-end-of-july","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7261","title":{"rendered":"Gold prices settle above $2,000, at highest since end of July"},"content":{"rendered":"
\n

Gold futures ended higher for a fourth session in a row on Monday, with prices finishing the session above $2,000 an ounce \u2014 at their highest since the end of July.<\/p>\n

Gold for December delivery
\n GCZ23,
\n +0.38%<\/bg-quote><\/p>\n

GC00,
\n +0.38%<\/bg-quote>
\n climbed $7.10, or 0.4%, to settle at $2,005.60 an ounce on Comex. That was the first settlement for a most-active contract above $2,000, and highest finish, since July 31, according to Dow Jones Market Data. <\/p>\n

\n

Prices for the precious metal have have been rising \u201clargely due to a fear trade with the eruption of the chaos taking place in Israel,\u201d Adam Koos, president of Libertas Wealth Management Group, told MarketWatch.<\/p>\n

\u201cConfirmation can be seen in the fact that interest rates have continued to rise right along with the U.S. dollar, all while inflation has remained relatively muted and directionless,\u201d he said.\u00a0\u201cPoint being, the strength in the yellow metal cannot be attributed to any of the typical drivers.\u201d<\/p>\n

Israeli forces advanced to the outskirts of Gaza City, The Wall Street Journal reported Monday.<\/p>\n

Against that backdrop, gold has been\u00a0\u201csupported by a safe-haven bid\u201d and the \u201cpotential for a wider Middle East conflict,\u201d said Jim Wyckoff, senior analyst at Kitco.com. <\/p>\n

The key question for gold now is will it be able to \u201cbreak north of $2,000, and then $2,060, rising to new highs?\u201d said Koos.<\/p>\n

The answer may come down to \u201cwhat transpires in the Middle East, but a whole lot more to do with Jay Powell and the Fed,\u201d he said.\u00a0 <\/p>\n

If Federal Reserve Chairman Jerome Powell remains hawkish and considers further rate hikes, \u201cthen gold finds itself with a continued headwind amongst its largest \u2018trifecta\u2019 of external drivers\u201d \u2014 the U.S. dollar, interest rates, and inflation, he said. <\/p>\n

Read:<\/strong> Fed likely won\u2019t raise rates this week, and will hope that they\u2019re done<\/p>\n

However, if he finally starts getting dovish, then I think we see gold prices exhibit further strength, said Koos. \u201cIt\u2019s a big week for the Fed, so it\u2019ll be interesting to see how things go.\u201d<\/p>\n

The U.S. central bank will announce its decision on interest rates at the end of its two-day meeting on Wednesday. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold futures ended higher for a fourth session in a row on Monday, with prices finishing the session above $2,000 an ounce…<\/p>\n","protected":false},"author":1,"featured_media":7262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-7261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nGold prices settle above $2,000, at highest since end of July | inFundPros<\/title>\n<meta name=\"description\" content=\"Gold futures ended higher for a fourth session in a row on Monday, with prices finishing the session above $2,000 an ounce \u2014 at their highest since the\" \/>\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=7261\" \/>\n<meta property=\"og:locale\" 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