Gold at its highest level in 11 weeks
Gold prices are hovering near their highest level in more than 11 weeks due to concerns that the crisis in the Middle East could escalate.
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The possibility of rising tensions in the Middle East has increased demand for safe-haven assets. In spot markets, gold prices have risen more than 6 percent compared to the day before Hamas's attack on Israel.
Spot gold, which closed Wednesday with a 1.3 percent increase at its highest level since July 31, showed a 0.15 percent increase on the 4th trading day of the week, reaching the 1,950 dollar level.
Nevertheless, gold's recovery from its 7-month low at the beginning of October has not yet triggered significant buying through exchange-traded funds (ETFs). This indicates that the demand for gold is coming from another part of the market.
As US President Joe Biden concludes his trip to Tel Aviv, the tension rising from the explosion at a hospital in Gaza continues to make its impact felt.
While the conflict has already cost the lives of thousands of Israelis and Palestinians, it has also fueled tensions across the region, which is critical for global energy production.