Gold and silver spot prices had been in the doldrums in recent weeks, but the war between Israel and Hamas seems to have kick-started them, especially gold as it is seen as the "safe haven" precious metal.
Kitco News reported:
(Kitco News) - Gold prices are solidly higher in early U.S. trading Monday, following the surprise Hamas attack on Israel over the weekend. Safe-haven demand is featured as the world has just seen an unexpected major geopolitical shock that has traders and investors spooked. December gold was las up $18.40 at $1,863.40 and December silver was up $0.047 at $21.77.
Asian and European stocks were mostly lower overnight. U.S. stock indexes are pointed to lower openings when the New York day session begins. The marketplace is unnerved following the weekend Hamas raid on Israel that killed hundreds of civilians and hostages taken. Israel retaliated harshly and declared war on Hamas. This is the largest act of violence seen in Israel in 50 years. Risk aversion is high to start the trading week, as the ramifications of the weekend attack by Hamas are huge, both politically and economically. The U.S. is building up its military presence in the Middle East region.
Currently, the COMEX price for silver is hovering around $21.82/toz. It remains to be seen if the Middle East conflict will send it up over $22.00/toz.
To read more, go here.
No comments:
Post a Comment