Safe haven gold approached the vital $2,000 mark last Friday The Palestinian-Israeli War has exacerbated uncertainty in the Middle East

Safe haven gold approached the vital $2,000 mark last Friday

The Palestinian-Israeli War has exacerbated uncertainty in the Middle East

As the war between Israel and Hamas intensifies, geopolitical uncertainty continues to support gold's safe haven appeal, as precious metals cannot resist rising bond yields. Last Friday (October 20th), the market closed with spot gold rising 0.36% to close at $1981.44 per ounce.

With the unwavering support of American consumers, the world's largest economy may expand at its fastest pace in nearly two years in the third quarter, which poses a challenge for Federal Reserve officials who are discussing the need for further tightening policies.

According to a survey conducted by Bloomberg among economists, it is expected that the US Gross Domestic Product (GDP) will grow at an annualized rate of 4.3% from July to September. This growth indicates that compared to Europe's stagnation and Asia's response to the economic problems of major Asian powers, the United States remains a powerful engine of the global economy.