Gold, as a precious metal and a timeless symbol of wealth, is once again taking center stage!
The conflict in the Middle East has led to a sharp rise in gold prices, with the precious metal surging almost $100 per troy ounce. Since October 7th, gold futures have increased by 4.8%.
According to Matthew Miller, senior stock analyst at CFRA Research, it is expected that gold will remain in the $1800-$2000 range until the market enters a new phase of interest rate policy, potentially leading to a new bull market for the precious metal.
There’s a typical pattern where gold sharply rises during geopolitical events but then falls after the situation stabilizes. However, analysts believe that the ongoing crisis in the Middle East, coupled with potential changes in monetary policy, could result in a significant increase in gold prices.
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