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

Dr. Mathias Kunze

Senior Consultant in Commercial and Tax Law


3 min.
Published on: 08.10.2024 | 15:37 UTC
Updated on: 09.10.2024 | 10:01 UTC

Gold Price Live on 08.10.2024

Today's gold price and important market developments from 08.10.2024 in the live ticker

Source: ChatGPT (OpenAI)

Gold price consolidates at USD 2,650


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.


Escalation of Middle East conflict: Israel and Iran at center stage


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.


Ukraine conflict: Intensified fighting drives demand for safe havens


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.


Outlook: Gold price remains volatile


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.


Dr. Mathias Kunze

Senior Consultant in Commercial and Tax Law

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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