Gold prices are currently in an accelerated and dramatic rise in price, with clear-cut geopolitical reasons for these recent moves. What is most surprising and welcomed is how gold is once again acting as a haven asset, a position it fell out of favor with some time ago.
Gold’s gain has been so profoundly rapid that it has run to a three-month apex today. After hitting a low at approximately $1830 during the first week of October and before the attack on Israel by Hamas, its current pricing is only six dollars shy of $2000 with the intraday high at a respectable $2009.20. Gold has not traded to that value since the middle of July.
In recent years, there has been an unexpected change in how market participants invest in and perceive gold. The precious yellow metal has for centuries been a haven asset but has recently lost its allure as a safe asset. As of 6:21 PM EDT, gold futures basis the most active December contract is currently up $13.90 or 0.70% and fixed at $1994.40.
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