Gold surges above $2000 as Israel-Hamas war intensifies

Approximately three weeks after the militant group Hamas staged a surprise attack killing over 1,400 Israeli civilians, the Israeli military moved ground forces expanding their activity into Gaza. The increased tensions in the Middle East resulted in gold futures surging above $2000 per ounce. As of 5:07 PM EDT, gold futures basis, the most active December contract is well above $2000 and currently fixed at $2016.30. Gold futures opened below $1990 traded to a high of $2019.

This marks the third consecutive week in which gold prices have risen. Gold futures opened on Monday during the week of October 9 at approximately $1860 per ounce, and closed above $1940 per ounce. Last week, gold gained an additional $52 per ounce, settling just below $2000 at $1994.

The report revealed that inflation in the United States as measured by the PCE index was currently at 3.4% year-over-year in September. The report came in line with expectations. The report also revealed that the annual core PCE index rose 3.7% just below expectations of an annual rate of 3.8%.

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