Table of contents
Gold Price News: Stabilization at 2,736 USD despite global uncertainties
3 min.
28.10.2024 14:58
Today's gold price and important market developments from 28.10.2024 in the live ticker
Source: ChatGPT (OpenAI)
Stabilization at USD 2,736 despite global uncertainties
During the course of this trading day, the gold price stabilized at 2,736 USD after reaching record levels in the past few days due to geopolitical uncertainties. Demand remains strong due to increasing tensions in both the Middle East and Ukraine, as investors favor gold as a stable asset.
Middle East conflict: Risk of escalation by Israel and Iran
In the Middle East, the threat of escalation between Israel and Iran continues to cause market uncertainty. In addition to the ongoing tensions in the Gaza Strip, the increased presence of Hezbollah along the Israeli border has led to further concerns that a regional conflict could escalate into a broader war. Analysts predict that the price of gold could continue to rise if tensions in the region increase.
Ukraine conflict: Increased cooperation between Russia and North Korea
A possible escalation is looming in Ukraine, as reports suggest that North Korea is sending soldiers to support Russian troops. The news from the conflict zone is causing increased market turbulence, as North Korea's military involvement on the Russian side is seen as a significant geopolitical development.
Technical analysis: Possible breakthrough at USD 2,740
The gold price remains technically in a consolidation range and is showing short-term resistance at USD 2,740. If the geopolitical situation escalates further, renewed gains beyond this level could determine the next few days. Support is currently at USD 2,720, which could serve as a floor for short-term fluctuations.
Outlook: Tensions fuel ongoing demand
With the ongoing crises in Ukraine and the Middle East, gold will continue to be in demand as a safe investment. Analysts expect demand for gold to remain high as investors seek stability in a volatile global environment.