Gold closed up almost 1% today, with a focus on the Middle East and US monetary policy. Today, Israel showed signs that it is close to a ground invasion in Rafah, and the market continues to move in reaction to last week’s US macroeconomic events, which made bets for interest rate cuts in the near future increase.
On Comex, the metals division of the New York Mercantile Exchange (Nymex), gold scheduled for delivery in June closed up 0.98%, at US$2,331.20 per troy ounce.
Earlier, during the night, Israel called for the evacuation of part of Rafah, and Hamas responded by saying that an offensive in the region would not be as peaceful as the Israelis believe. Towards the end of the session, news circulated that Hamas militants accepted a ceasefire proposal presented by Egyptian authorities.
Fill in the fields below so that an Ágora specialist can contact you and learn about more than 800 available product options.
Thank you for registering! You will receive a contact!
The Israeli government, however, has not yet agreed to the plan. According to Heraeus, central banks continue to be major buyers of gold, and the Federal Reserve’s (Fed) plans continue to be monitored, now that chances for cuts in the near future have been revived.
This scenario increased gold prices by 20% in 2 months and continues to maintain its value at historically high levels. Louis Navellier, from the Navellier management company, also points out that there is a record purchase of gold in China, as a way for consumers to protect their assets from local banks, and this could impact the prices of the commodity.
