Base metals rise, gold settles as markets watch events in the Middle East
Base metals rise, gold settles as markets watch events in the Middle East
Updated October 16, 2023 at 3:26 a.m. ET
07:21 GMT – Base metals rise while gold tempers as markets remain focused on events in Israel and the Palestinian territories. Three-month copper is up 0.8% at $8,001 per metric tonne, while aluminum is up 0.3% at $2,195.50 per tonne. Gold is down 1% at $1,922 per troy ounce. Gold jumped 3.1% on Friday on fears that Israel was about to launch a ground invasion of Gaza. “A fall in US Treasury yields will have provided some support to the gold market, while continued uncertainty in the Middle East will likely have boosted demand for safe-haven assets,” ING said in a note. That said, ING says ETF demand remains down, with holdings down 397,000 ounces last week to 86.7 million ounces. (yusuf.khan@wsj.com)
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