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Gold Price News: Gold price at USD 2,755 – Geopolitical tensions and conflicts continue
3 min.
31.10.2024 16:37
Today's gold price and important market developments from 31.10.2024 in the live ticker
Source: ChatGPT (OpenAI)
Slight decline in the gold price due to technical adjustments and market uncertainty
The gold price is currently at USD 2,755 per troy ounce, which is a slight decline from yesterday's high. The main factors driving demand for gold are ongoing geopolitical uncertainties, global economic volatility and an increased shift out of riskier assets such as equities, some of which were sold off today.
Ukraine: Deadly air strike in Kharkiv
In Ukraine, a Russian air strike on a residential building in Kharkiv has claimed two lives, including that of a 12-year-old boy. A total of over 30 people were injured and rescue workers are still searching for survivors. The attack shows the intensity of the conflict and prompts the Ukrainian government to again ask for expanded military support from the US and Europe.
Middle East: Escalation between Israel and Hizbollah in Lebanon
Israel's military intensified its ground offensive against Hezbollah positions in Lebanon, resulting in heavy fighting. The international community, including the US and EU, calls on Israel to exercise restraint, but the uncertainties in the region and the possibility of a ceasefire in the Gaza Strip are major factors affecting markets. Investors are showing a strong interest in gold as a stable store of value in this volatile environment.
North Korea supports Russia: International criticism remains muted
Reports of North Korean soldiers in Russia in support of the Ukraine conflict are causing further tensions. President Selenskyj criticizes the muted international response to this military support and calls for stronger pressure on North Korea and Russia. The increasing escalation in Eastern Europe could further drive demand for gold in the long term, as investors seek refuge in safe-haven assets.
Technical analysis: Resistance level at USD 2,780
Technical analysts are observing a resistance level at USD 2,780. If this level is breached, the price of gold could rise further in the short term. Today's slight decline mainly reflects technical adjustments, but geopolitical tensions remain the key drivers of interest in gold.
Outlook: The situation remains tense
With the developments in Ukraine and the Middle East, demand for safe havens such as gold remains high. Experts expect volatility to continue as investors closely monitor political and economic developments. The gold price could remain stable in the short term or even rise again should the geopolitical situation worsen.