Gold at mid-$1,800; Mideast war suggests cautious repricing and measured rally
Investing.com - Gold settled above the mid $1,800 level on Monday in response to the Israel-Hamas war, but the rally in the safe-haven would depend on how far the crisis expands to impact oil and other global markets, analysts said.contract on New York’s Comex, December, settled up $19.10, or 1%, at $1,864.30 an ounce. At the time of writing, at 15:30 ET , the contract scaled at $1,875.85 after a session high of $1,875.85., more closely watched by some traders than futures, was at $1,861.
Iran is tacitly known to be behind Hamas at all times. To reinforce that notion, an adviser to Iranian Supreme Leader Ali Khamenei said Tehran supported the operation against Israel that had reportedly killed some 1,300 people at the time of writing, and led to the abduction of dozens of Israelis by ground forces of the militant group.
“How much” of a boon the crisis will be in pushing prices higher — particularly those of oil — will be determined by how severely affected crude production and exports are by this; i.e. how many barrels are we talking about, and how those stack up on the already squeezed global supply situation for oil from OPEC+ output cuts, said Kilduff.
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