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Institutions: Escalating geopolitical tensions in the Middle East continue to pump up gold prices

GoldenOctober2024

2024-10-18 02:36:22

Gold climbed in the early Asian trading session due to heightened geopolitical tensions in the Middle East, which typically leads to increased demand for gold as a safe-haven asset, as rising geopolitical tensions in the Middle East, Oct. 18. Fitch Solutions BMI said in a commentary that gold prices were supported by “Fed rate cuts and high geopolitical tensions”. BMI currently has a “neutral to bullish” view on gold from Q4 to Q1 next year and forecasts gold to trade in a range of $2,500/oz to $2,800/oz in the coming months. The current spot gold price is about 0.7% intraday, standing above $2,710 an ounce.

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