- Gold surged past $2,474 per ounce, setting a new record high, driven by a weak U.S. jobs report that increased expectations of a dovish pivot by the Federal Reserve.
- The escalating conflict between Israel and Iran, marked by significant incidents such as the killing of children in the Golan Heights and the assassination of Hamas chief Ismail Haniyeh in Iran, has spurred demand for safe-haven assets like gold.
Gold temporarily surged past $2,474 per ounce on Friday, marking a new record high, as a weak U.S. jobs report bolstered expectations of a dovish shift by the Federal Reserve. The U.S. economy added 114,000 jobs in July, significantly below the anticipated 175,000 increase.
Gold prices have since pulled back slightly but are still trading just above the 100-hour moving average. Analysts foresee potential for another upward trend toward $2,490, though the MACD indicator, with its signal line crossing the MACD level, may suggest otherwise.
Meanwhile, heightened tensions in the Middle East have continued to drive demand for safe-haven assets. The conflict between Israel and Iran escalated with a strike on the Israeli-occupied Golan Heights, resulting in the deaths of 12 children and teenagers.
Subsequently, the Israeli military reported killing a senior Hezbollah commander in Lebanon, prompting several countries to advise their citizens to leave Lebanon amid fears of a broader regional conflict.
In a further development, Hamas chief Ismail Haniyeh was assassinated in Iran while attending the inauguration of Iran’s new president. Iran’s Supreme Leader, Ayatollah Ali Khamenei, vowed a “harsh punishment” for Israel in response.
Israeli Prime Minister Benjamin Netanyahu described the situation as a “multi-front war” with Iran and its proxies. The recent assassinations have likely undermined efforts to reach a ceasefire and a hostage release agreement between Israel and Hamas in Gaza.
