Gold prices were above $2,000 per ounce due to demand for safe-haven assets amid the escalating Middle East conflict. Israeli air strikes hit areas near Gaza City, and Palestinian militants clashed with Israeli forces. Gold prices reached $2,009.29 on Friday, the highest since mid-May. Investors are awaiting the US Federal Reserve’s policy meeting this week, focusing on Chair Jerome Powell’s commentary. The Fed is expected to keep interest rates unchanged. Strong economic data suggests a hawkish undertone and supports gold prices. In Pakistan, gold prices remain stable. US consumer spending surged and monthly inflation remained warm in September. Economists predict that inflation pressures will persist next year, with the main risk being that it may be higher than forecasted. This suggests that interest rates will stay higher for a longer period. Gold is seen as a hedge against inflation, but higher interest rates reduce its appeal. Technical analysis suggests that gold may rise to a range of $2,019 to $2,036 per ounce. Spot silver remained flat, platinum fell, and palladium rose slightly.
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