Following the truce between Israel and Hamas, gold and other precious metal prices changed on Friday, October 10. This was reported by UNN with reference to investing.com.
Details
Gold bullion prices fell sharply overnight. Spot gold fell 0.2% to $3970.88 per ounce, while gold futures for December delivery rose 0.3% to $3985.20 per ounce as of 01:13 AM ET (05:13 AM GMT).
It is noted that spot prices exceeded $4000 per ounce for the first time in history this week and peaked at $4059.32 per ounce.
The rise in gold prices stopped immediately after the US-brokered truce agreement between Israel and Hamas was signed.
Recall
According to fintech expert and co-founder of Concord Fintech Solutions Olena Sosedka, the rise in gold prices is a signal for the modern fintech market that although technologies can make finance more convenient, trust is based on values proven over centuries.
And geopolitical instability further enhances the importance of gold in the international market. "Wars, trade conflicts, unpredictable decisions of world leaders - all this creates an atmosphere of constant instability, in which gold becomes a universal insurance.
Therefore, the jump in the value of gold is not just a financial event, it is a marker of investor confidence in the modern economy," summarized Olena Sosedka. She also added that the rise in the price of gold only means that investors are preparing for a weakening dollar. A weaker dollar makes gold cheaper for international buyers, creating a powerful incentive for its price to rise.