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Holding Above $2000 For The First Time Since May

GOLD

Gold is 0.2% lower in the Asia-Pac session, after closing 1.1% higher at $2006.37 on Friday as Israel expanded its military operations in Gaza. Tel Aviv sent troops and tanks into the northern Gaza Strip in what it called the second and longer phase of its war against Hamas.

  • Friday’s move marked the first time since May that bullion had traded above $2000.
  • The yellow metal now sits more than 9% higher, fueled by haven demand, since the Hamas attack on Israel.
  • The Middle East conflict has taken over the path of US interest rates as the main driver of gold. Nevertheless, the market will closely watch this week’s FOMC policy decision on Wednesday.
  • According to MNI’s technicals team, Friday’s move cleared resistance at $2003.4 after which lies $2022.2 (May 15 high).
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