Gold is on track to achieve its highest price this year

The demand for safe havens led to gold rising over $1,809.50 on October 6th
Gold is on track to achieve its highest price this year
Gold in spot transactions fell 0.1 percent to $1,994.15 per ounce

Gold prices stabilized in early Tuesday trading ahead of central bank meetings this week. The meetings could provide insights into the global economy and monetary policy outlook. The yellow metal, which is considered a safe haven, is heading for its best monthly performance in almost a year. This development has emerged in light of the conflict between Israel and Hamas.

Change in prices

Gold rose in spot transactions. It reached $2,009.29 per ounce last Friday. This is the highest level since mid-May as investors search for safety amid the Middle East crisis.

The demand for safe havens led gold to rise over $1,809.50 on October 6. It is now heading for a monthly increase of eight percent which is the highest percentage since November 2022.

Gold fell in instant transactions by 0.1 percent recording a price of $1,994.15 per ounce. Meanwhile, US gold futures fell 0.1 percent recording a price of $2,003.60. 

Read: Saudi sukuk and bonds jump by 5.7 percent this year

Gold prices reading

“Gold’s decline below $2,000 is only marginal. The price still reflects the high risks of escalation of the conflict in the Middle East” stated Kyle Rodda, financial markets analyst at

Investors are focusing this week on the monetary policy decision that the US Central Bank will take tomorrow, Wednesday. It will be followed by the US monthly jobs report on Friday.

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