Attack on Israel could boost appeal of gold and safe haven assets
© Reuters. Israel's Iron Dome anti-missile system intercepts rockets launched from the Gaza Strip, as seen from Ashkelon in southern Israel October 7, 2023. REUTERS/Amir CohenNEW YORK - Investors are closely watching events in Israel as a geopolitical risk to markets, with some expectation the violence could prompt a move into safe haven assets.
Rising geopolitical risk could see buying in assets like gold and the dollar and potentially boost demand for U.S. Treasuries, which have been sold off aggressively, analysts said. "Whether this is a massive market moment or not depends on how long it lasts and whether others are sucked into the conflict," said Brian Jacobsen, chief economist at Annex Wealth Management, of the situation in Israel. Jacobsen questioned how much impact it would have on the oil price despite Iran having been boosting output."Iranian oil production has been increasing, but any progress they’ve been making behind the scenes with the U.S.
David Kotok, chair and chief investment officer at Cumberland Advisors in Sarasota, Florida, said that the situation was concerning as the U.S. is weakened by dysfunction in Washington. Republicans are looking for a successor to ousted Speaker Kevin McCarthy of the House of Representatives, and a budget showdown looms.
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