Gold prices rally to near 1-mth high as Middle East tensions worsen
Investing.com-- Gold prices rose sharply on Wednesday, nearing a one-month high as a potential escalation in the Israel-Hamas war drove up safe haven demand, whileA blast at a Gaza hospital, which reportedly killed hundreds of Palestinians, marked a potential escalation in the conflict, especially as Egyptian and Palestinian leaders called off a summit with U.S. President Joe Biden following the attack.
To that end, focus this week is on a string of U.S. economic indicators and Fed officials, most notably an address by Chair Jerome Powell on Thursday. Any hawkish signals from Powell, considering the recent uptick in inflation, will be in close focus. China’s third-quarter gross domestic product grew a bigger-than-expected 4.9%, indicating that recent stimulus measures from Beijing were bearing fruit.
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