Two hours into the opening of the New York metals exchange, the price of traders’ safe-haven commodity with the contract for delivery in December grew $21.4 to $2,001.9 per ounce, while silver futures added 3.11% to trade at $23.747 per ounce.
Gold prices have grown nearly 3% since the start of the week as Israel intensified attacks on the Gaza Strip. Cross-border fighting has also continued between Israel and Lebanon’s Hezbollah.
US Federal Reserve Chair Jerome Powell spoke on Thursday about high inflation risks and tightening financial conditions that would likely affect the central bank’s monetary policy. The market took it as a hint of more interest rate hikes yet to come.