11:38:52 AM IST, 01 November 2023
Israel Hamas War Live News Updates: Gold softens on caution ahead of Fed's policy decision and concerns over Middle-East conflict
Israel Hamas War Live: Gold started November on a softer note, with investors on the watch for the U.S. Federal Reserve's policy decision due later in the day, after concerns over the Middle East conflict boosted the safe-haven asset's prices above $2,000 an ounce last month, Reuters reported.Spot gold fell 0.2% to $1,978.36 per ounce by 0351 GMT on Wednesday, while U.S. gold futures dropped 0.4% to $1,987.00.Spot gold posted a 7.3% jump in October, with prices hitting an over five-month high of $2,009.29 last week.The market pushed prices above $2,000, but it came back down, it tried to move up again, but it didn't move substantially higher, signalling there is more or less fatigue in the market, said Brian Lan of Singapore dealer GoldSilver Central.The major factor for the market is the Middle East conflict and whether there is an escalation with other parties joining the war, Lan added.Israeli airstrikes hit a densely populated refugee camp in the Gaza Strip, killing at least 50 Palestinians and a Hamas commander.Markets now await the outcome of the Fed's monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday.