2023-11-07 17:41:18
He Gold rises 8.35% in the last four weeks after the start of the Gaza war, very close to $2,000 per ounce. The precious metal stands at $1,965 this Tuesday and lost 1.25%.
This Tuesday marks one month since Hamas bombed Israel with 3,000 missiles, killing 260 Israelis at the Reim music festival and kidnapping some 199 people and transporting them to the Gaza Strip. This attack began the conflict that Hamas and Israel have had since then.
“Gold has clearly been favored by geopolitical tension. The war between Israel and Gaza has led many to look for safe haven assets, and gold is one of the main candidates”director of raw materials and macroeconomic research at WisdomTree, Nitesh Shah.
Before the war, gold was affected by the appreciation of the US dollar and the bond sell-off that caused demand for investment funds to decline in recent months. However, the demand of central banks and retail investors, especially in China and Türkiyeit is very strong.
“While demand in these pockets may appear to be a reaction to localized concerns, we believe that, on a global scale, institutional investors are likely to become increasingly concerned about global risks and seek more hedging tools,” Shah adds.
Consensus sees more rises
The American investment firm maintains that the consensus scenario among analysts with gold is that it “reaches $2,090 in the third quarter of 2024“In real terms it does not reach the historical maximum, which was reached in January 1980. In fact, it would be 40% below that level, which, in real terms, is still 17% below the 2020 maximum,” they add.
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