The escalating conflict between Israel and Gaza and positive jobs data in US led to gold prices rising to its highest this month. Positive commentary by the US Federal Reserve also helped, said experts.
Gold International rates gained 2.65% since October 6, last Friday, to $1,881.62 per ounce, its highest this month. Meanwhile MCX spot gold rates also climbed to its highest in October at Rs 57,859 per 10 grams, logging in a growth of 2.7% since Friday.
Experts believe that the escalating tensions between Israel and Gaza may have fueled investor interest in gold as the commodity is considered as one of the ‘safe assets’.
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