Attack on Israel likely to boost appeal of gold, 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 -The violence in Israel will likely prompt a move into safe-haven assets as investors closely watch events in the Middle East to gauge geopolitical risk to markets.
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. "It seems Wall Street has a new geopolitical risk after Israel declared war with Hamas," said Edward Moya, senior market analyst at Oanda in New York, although he said the immediate impact for financial markets appeared to be limited to safe-haven flows."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.
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