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Gold Price News: Global tensions cause gold to rise further to USD 2,740
3 min.
22.10.2024 16:54
Today's gold price and important market developments from 22.10.2024 in the live ticker
Source: ChatGPT (OpenAI)
Gold price reaches USD 2,740 – Geopolitical risks dominate the markets
In the course of today's trading, the price of gold rose to USD 2,740 as escalating geopolitical conflicts in the Middle East and Ukraine continue to unsettle the market. Investors are transferring to safe havens such as gold as unrest in global commodity markets and uncertainties in interest rate policy continue. In particular, developments in the Middle East have strongly driven demand for gold.
Middle East Conflict: Israel's Attacks on Hezbollah Targets and Iranian Reactions
Tensions in the Middle East continue to rise. After Israel's targeted attacks on Hezbollah's financial structures in Lebanon and Syria, there were massive rocket attacks by Hezbollah on Israeli targets. This has significantly unsettled the markets, as the probability of a full-scale war in the region is increasing. In particular, the reactions of Iran, which supports Hezbollah militarily, could further fuel the conflict. Iran has already threatened to disrupt oil trade through the Strait of Hormuz, which could lead to a crisis in global energy markets.
Ukraine conflict: Ongoing fighting and Russian offensives
At the same time, the war in Ukraine is intensifying. Russian forces have launched a new offensive, while Ukraine continues to fight against the Russian occupation of its eastern territories. President Zelenskyy is again calling for increased support from Western partners as Russian attacks on Ukrainian infrastructure intensify. These ongoing tensions continue to drive demand for safe-haven assets such as gold, as uncertainty in the region and global implications for energy and food prices remain unpredictable.
Technical analysis: Resistance at USD 2,740 in sight
From a technical perspective, the gold price is testing the resistance level of USD 2,740. If this level is overcome, further price increases could follow. The support level is USD 2,710, with analysts expecting volatility to remain high. Geopolitical risks in particular will have a strong influence on the markets in the coming days.
Outlook: Geopolitical uncertainties and interest rate policy increase volatility
In addition to the geopolitical conflicts, the interest rate policy of the Fed and the ECB remains a decisive factor. The latest statements from the Federal Reserve point to possible further interest rate cuts, which could also support the gold price. At the same time, the ECB remains cautious, as rising geopolitical risks, combined with inflation and energy markets, are complicating its decisions. The combination of these factors could drive the gold price up to over USD 2,740 in the short term.