Washington: Agencies
Oil and gold prices jumped significantly in early trading today, Monday, at the beginning of the week's trading, with investors increasing their demand for safe havens after developments in the situation in the Palestinian arena and the ongoing escalation between the Palestinian and Israeli sides in various areas.
Gold regained its position as a safe haven with increasing geopolitical fears of confrontations between the two sides. This supports the prices of safe haven assets such as Treasury bonds, the dollar and the Japanese yen, in addition to gold. According to what the Middle East News Agency reported
Futures prices for the precious metal for December delivery rose by 0.95% to $1,862 per ounce, and the price of spot gold delivery rose by about 1.01% to $1,851.57, according to data from the Market Watch platform for global market prices. According to what was reported by the Youm 7 website in Cairo, from the Middle East Sons Agency
At the same time, the dollar index - which measures the performance of the US currency against a basket of six major currencies - rose 0.28% to 106.34 points.
The upward trend for the yellow metal remained limited due to strong American economic data, as last week’s data showed that employment in the United States increased by the largest amount in eight months in September, indicating continued strength in the labor market.
Regarding other precious metals, silver futures for December delivery rose 1.09% at $21.96 per ounce, and the spot price of platinum rose 0.69% at $887.63.
At the same time, oil prices jumped more than four dollars per barrel, and Brent crude rose $4.18, or 4.94%, to $86.76 per barrel, while US West Texas Intermediate crude recorded 85.02 per barrel, up $4.23.
The Israeli Central Bank announced today, Monday, that it would sell up to $30 billion to support the collapsed shekel in the wake of uncertainty in the market following the “Al-Aqsa Flood” operation that the Hamas movement began against Israel two days ago, and the shekel fell in the latest trading. More than 3% against the dollar to 3.9581.