Gold and silver are trading higher amid Middle East tensions, which could support safe-haven assets. Precious metals may also be rising amid today's Fed decision and comments from Fed chair Powell.
Portfolio Pulse from Benzinga Newsdesk
Gold and silver are trading higher due to Middle East tensions and the Federal Reserve's decision and comments from Fed Chair Powell. This could support safe-haven assets.
July 31, 2024 | 7:33 pm
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POSITIVE IMPACT
Gold prices are rising due to Middle East tensions and the Federal Reserve's decision, which could support the SPDR Gold Trust ETF (GLD).
Gold is traditionally seen as a safe-haven asset during geopolitical tensions and uncertain economic conditions. The Fed's decision and comments from Chair Powell add to the bullish sentiment for gold.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Silver prices are increasing due to Middle East tensions and the Federal Reserve's decision, which could support the iShares Silver Trust ETF (SLV).
Silver, like gold, is considered a safe-haven asset. The current geopolitical tensions and the Federal Reserve's decision are likely to drive demand for silver, benefiting SLV.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90