Amidst the Israel-Palestine conflict, spot gold prices experienced a notable 1% surge, settling at $1,847.47 per ounce, reinforcing its status as a safe-haven asset. The escalation of tensions in the Middle East, triggered by a Hamas attack on Israel with alleged Iranian involvement, has intensified geopolitical concerns, contributing to the rise in gold prices. In the domestic market, 24-carat gold saw a Rs 220 increase to reach Rs 58,200 per 10 grams. The rebound follows pressure on gold from elevated interest rates and a robust US job report, with recent geopolitical risks providing short-term support to the precious metal.
Gold Prices Surge 1% as Israel-Palestine Conflict Spurs Safe-Haven Demand
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