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“Gold is holding up for one reason and one reason only—the risk of a weekend event in the Middle East,” said Ole Hansen, head of Commodity Strategy at Saxo Bank.
Jesse Colombo, an independent precious metals analyst and founder of the BubbleBubble Report, said that while gold has been well-supported by generally elevated geopolitical tensions, it is experiencing increased bullish volatility due to a heightened sense of worry.
Israel's war in the Middle East continues to escalate as its army strikes Hamas in Gaza and Hezbollah in Lebanon, and there are concerns that Iran could be drawn even further into the conflict.
Iran is Hezbollah's primary backer and has provided weapons and billions of dollars to the group over the years. Earlier this week, Iran fired 180 ballistic missiles into Israel, all of which were intercepted.
The world is now left wondering how Israel will retaliate against Iran.
“Nobody wants to be short on gold ahead of the weekend,” said Colombo. https://www.kitco.com/news/article/2024-10-04/nobody-wants-be-short-gold-weekend
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