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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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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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