Gold Stays Near 11-Week Peaks Gold remained around $1,950 per ounce on Thursday, close to its highest levels in 11 weeks as the ongoing conflict between Israel and Hamas militants increased the demand for the metal as a safe-haven.
The Middle East situation worsened after an explosion at a hospital in Gaza City killed hundreds of Palestinians on Tuesday, creating political instability in the region and the risk that other countries would get involved.
At the same time, investors were waiting for US Federal Reserve Chair Jerome Powell’s speech later today to get some clues on the direction of monetary policy.
US economic data that exceeded expectations have so far supported the view that the Fed will maintain high rates for a long time.
This drove the 10-year US yield to 16-year highs above 4.9%, limiting gold gains.