Gold Surges Above $2,000, Oil Rallies As Israeli Raids In Gaza Intensify, Disconnecting Communication
Portfolio Pulse from Piero Cingari
The escalating conflict in the Middle East has led to a surge in commodity prices. The SPDR Gold Trust (NYSE:GLD) recorded a gain of over 1%, surpassing the $2,000-per-ounce mark, a rally of more than 9% since the onset of the Israel-Hamas conflict. Crude oil prices also soared, with WTI rising by more than 2% on concerns of potential supply disruptions in the Middle East.
October 27, 2023 | 7:30 pm
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POSITIVE IMPACT
The SPDR Gold Trust (GLD) has seen a significant increase in value due to the escalating conflict in the Middle East. The price of gold has surpassed the $2,000-per-ounce mark, a rally of more than 9% since the onset of the Israel-Hamas conflict.
The escalating conflict in the Middle East has led to a surge in commodity prices, particularly gold. As a result, the SPDR Gold Trust (GLD), which tracks the price of gold, has seen a significant increase in value. This trend is likely to continue as long as the conflict persists.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100