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Gold Price News: Gold price at new all-time high of USD 2,730

3 min.

21.10.2024 12:46

Gold Price Live on 21.10.2024

Today's gold price and important market developments from 21.10.2024 in the live ticker

Source: ChatGPT (OpenAI)

Gold price rises to USD 2,730 – Markets react to ongoing crises


In the course of the morning, the gold price rose to around USD 2,730 per troy ounce, thus reaching a new all-time high, which corresponds to a further increase of 0.48% over the previous day. This continuous increase is driven by escalating geopolitical conflicts in the Middle East and Ukraine, as well as  uncertainties about the interest rate policies of the Fed and the European Central Bank (ECB). The increasing instability means that investors continue to favor gold as a safe haven investment as financial markets experience high volatility.

Middle East conflict escalates: Israel's army attacks Hezbollah's financial structures


The situation in the Middle East continues to escalate after Israel's armed forces carried out targeted attacks on Hezbollah's financial structures. This reaction followed a series of rocket and drone attacks by Hezbollah on Israel. The war between Israel and Hamas, as well as the growing threat from Hezbollah, have shaken confidence in the economic stability of the region, further boosting the price of gold.


Ukraine conflict and political instability in Moldova


In parallel, tensions are intensifying in Ukraine, where ongoing fighting and drone attacks continue to support the gold price. Ukrainian President Volodymyr Zelenskyy warned the international community not to abandon Ukraine as Russian attacks continue to intensify. Political instability in the region is also being exacerbated by the landmark presidential election in Moldova, where a high voter turnout underscores the increased political interest in the country's future prospects.


Technical analysis: gold tests resistance at USD 2,735


The gold price is approaching the resistance level of USD 2,735 and could rise further if it breaks through. Analysts see increased volatility in the short term as the escalation of geopolitical conflicts and central bank decisions continue to shape the market. Support is at USD 2,705, which offers investors a further point of reference for possible short-term setbacks.


Outlook: Geopolitical escalation and monetary policy uncertainty


Geopolitical tensions, particularly in the Middle East and Ukraine, remain the main drivers of the gold price. In view of the escalation between Israel and Hezbollah and the ongoing fighting in Ukraine, the gold price could rise further in the short term. Should the conflicts escalate further, the price could exceed the USD 2,735 mark in the short term. This development is accompanied by the expectation that the Fed and the ECB will further adjust their interest rate policy, which could provide additional support for the gold market. Investors should watch for possible new developments as these will continue to have a strong influence on the market.


Dr. Mathias Kunze, economist and business lawyer.
Dr. Mathias Kunze
Dr. Mathias Kunze, an experienced economist and business legal expert, has over three decades of experience in business management, marketing, finance and tax law. He advises on business start-ups, international tax optimization and the relocation of individuals and companies abroad. As a proven expert in the precious metals markets, he offers valuable advice and support. Dr. Kunze has published numerous studies and articles and has received awards for his contributions to research and teaching. He speaks German, English, Polish and Russian.
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