The situation in the Middle East is getting better, and crude oil fell by 3% to a new low in nearly three weeks Gold futures hold the $2,000 level and await trial by the Federal Reserve's resolution

The situation in the Middle East is getting better, and crude oil fell by 3% to a new low in nearly three weeks

Gold futures hold the $2,000 level and await trial by the Federal Reserve's resolution

On Monday (October 30th), COMEX December gold futures closed higher, marking the first time since July 31st of this year that they have closed above the psychologically high integer level of $2,000 per ounce. On the same day, they closed at $2,009.20 per ounce. Market participants should continue to closely monitor the headlines related to the Israeli-Palestinian conflict. The easing of the crisis may open the door for a significant downward adjustment in gold prices, which have risen by over 8% since the conflict between Palestine and Israel.

On Monday (October 30th), as supply concerns in the Middle East eased and the “war premium” subsided, oil prices fell by more than 3%. In addition to paying attention to the situation in the Middle East, investors should also pay attention to the economic data released this week.

Gold prices fell slightly on Monday, but gold futures prices are still above the critical level of $2,000 per ounce, as the uncertainty surrounding the Israeli-Palestinian conflict and the Federal Reserve meeting this week have boosted safe haven demand for gold.

Gold hit a high last week as the ongoing uncertainty of the Middle East conflict has led investors to lean towards traditional safe haven assets, and the market is watching to see if any other countries join the conflict.