Gold Price News: Stabilization at USD 2,650 with focus on geopolitical tensions

On October 8, 2024, the gold price is trading at USD 2,650, having fluctuated slightly due to economic uncertainties and geopolitical tensions. Market participants remain cautious as there is still uncertainty about how the current geopolitical situation and the upcoming US inflation data will affect the gold market.

Tensions in the Middle East between Israel and Iran have dramatically intensified. Following new rocket attacks and Israeli military operations against Iranian forces in Gaza and Lebanon, markets are reacting with increased demand for gold. These geopolitical risks continue to support the gold price, while investors are closely monitoring the next steps of the affected states.

In the Ukraine conflict, Ukrainian forces have launched a new offensive, further escalating tensions with Russia. This renewed military action is increasing market volatility and driving up demand for gold as a crisis hedge. Geopolitical uncertainties remain a key driver of short-term price movements.

With the ongoing geopolitical crises and the upcoming US inflation data, the gold market will remain volatile. A break below the support at USD 2,630 could push the gold price further down in the short term, while an escalation of the conflicts or economic uncertainties could lead to a rise above USD 2,670. Investors should prepare for short-term fluctuations as geopolitical risks dominate the market.