Gold price (XAU/USD) recovers swiftly to around $1,850 as dismal market sentiment propelled by escalating tensions between Israel and Hamas improves t
Gold discovers buying interest as Israel-Hamas tensions underpin risk-off impulse. US employment growth remained surprisingly upbeat in September. Strong US NFP data increase the chances of one more interest rate increase from the Fed. he appeal for safe-haven assets. The yellow metal rebounds as the support from deepening geopolitical tensions offset the hit from a surprisingly strong Nonfarm Payrolls report for September.
On the US-global relations front, the US Commerce Department added 42 Chinese companies to the government’s export control list for providing support to Moscow’s military and defense industrial base, as reported by Reuters. To stabilize US-China relations, US President Joe Biden and China’s leader Xi Jinping are planning to meet soon in California, according to several media reports. The US Dollar Index rebounds sharply after correcting to near 106.
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