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Gold jumped to its highest level since the beginning of August on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal.
Bullion has been on the rise since Hamas’s surprise attack on Israel earlier this month, up more than 5% over that period. Previously, it was trading near a seven-month low, with a steep selloff in Treasuries weighing heavily on the metal. “Elevated risks in the Middle East are prompting safe-haven demand for gold, the technical also has improved. I think gold will push above $2,000 in the near term,” Jim Wyckoff, senior analyst at Kitco Metals,
However, Fawad Razaqzada, market analyst at City Index, warned that with the dollar maintaining its bullish trend and bond yields on the rise again, it is not going to take much to slam gold back down.
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