Gold is on track for its best week since the March banking crisis, while oil is set for a strong weekly gain.
Traders pulled back from market risk after the Israeli military called for civilians to evacuate Gaza City ahead of an anticipated ground invasion.
Hamas’ armed wing Al-Qassam Brigades also said it had launched 150 rockets towards the city of Ashkelon in Israel “in response to the displacement and targeting of civilians”. Oil is also benefiting from the US tightening its sanctions programme against Russian crude exports, as well as the inconclusive investigations, so far, about damage to a key Baltic Sea gas pipeline.Spot gold gained 0.8% on Friday to US$1,885 an ounce, set for a gain of 2.4% over the week.
Overall, euro area long-dated bond yields were on course for their steepest weekly fall since mid-July as the prices of the core government debt instruments rose.
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