Gold futures in the COMEX division of the New York Mercantile Exchange experienced an uptick on Monday, largely influenced by ongoing political tensions in the Middle East. The most active contract for December delivery rose by $19.10, or 1.04%, closing at $1,864.30 per ounce. This surge correlates with Israel’s ongoing conflict with Hamas, driving investors toward the relative safety of gold.
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In other market developments, attention is also turning to the upcoming release of minutes from the Federal Reserve’s recent monetary policy meeting and US inflation data expected later this week. Speaking at the 65th National Association for Business Economics annual meeting in Dallas, Texas, Dallas Fed President Lorie Logan stated that long-term interest rates might not need to rise if they remain elevated due to higher term premiums. However, Logan added that if economic strength is driving these rates, more action may be needed by the Federal Open Market Committee (FOMC).
Meanwhile, the US government observed Columbus Day on Monday, resulting in no major economic reports. Other precious metals also saw increases; silver for December delivery rose by 20.10 cents, or 0.93%, to $21.924 per ounce, and platinum for January delivery increased by $7.30, or 0.83%, to $888.80 per ounce.