The Middle East in war conditions: the price of gold - at 2,000 dollars an ounce

Gold futures have crossed the $2,000 an ounce mark on international exchanges, amid rising tensions created by the conflict in the Middle East.

The price of gold for delivery in December rose by 0.4% to $2,005.90 an ounce yesterday at Comex New York at 08:49 local time, but the spot price fell by 0.4% to $1,997.68/ounce. The spot price crossed $2,000 an ounce at the end of last week, for the first time since mid-May, as investors turn to safe-haven assets.

"The price of gold rose on Friday against the background of a major geopolitical event, but I think the market understands that the land invasion of the Gaza Strip by Israel will continue, and because of this the spot price has reduced further," says Kunal Shah, quoted by Reuters. head of research at Nirmal Bang Commodities in Mumbai.

In addition, the market is now paying attention to the monetary policy decision of the US central bank (Fed), which is due to be announced tomorrow. Analysts expect the Fed to keep interest rates unchanged, and attention will turn to Fed Chairman Jerome Powell's statements.

Yesterday, the spokesman of the Israeli Defense Forces (IDF), Rear Admiral Daniel Hagari, said that Israel is gradually advancing according to plan in the Gaza Strip, according to Reuters. It said Israeli forces had killed dozens of militants overnight in Gaza, but declined to confirm the location of ground troops after images posted on social media appeared to show Israeli tanks advancing on a main road. from Gaza City.

The Israeli army announced that it continued to expand its operations in the Gaza Strip, after it had informed on Friday that it was going to expand them.

The Ministry of Health in the Gaza Strip announced yesterday that 8,306 people have been killed since the beginning of the war with Israel, and more than 21,000 have been injured, according to AFP.

• Joe Biden calls for an immediate increase in the flow of humanitarian aid to the Gaza Strip

US President Joe Biden on Sunday called for a considerable and immediate increase in the flow of humanitarian aid to the Gaza Strip, after Israel expanded military operations in response to the Hamas attack three weeks ago, reports AFP.

"The President emphasized the need for an immediate and significant increase in the flow of humanitarian aid to meet the needs of civilians in Gaza," in a telephone conversation with Israeli Prime Minister Benjamin Netanyahu, according to a statement from the White House, notes Agerpres.

Biden did the same in a separate call to Egyptian President Abdel Fattah al-Sisi, with the two leaders agreeing to "accelerate and increase the flow of aid to Gaza starting today and continuously," according to a press release. separated.

Calls are mounting to allow humanitarian aid to reach Palestinian civilians in the Gaza Strip, who are under constant bombardment by the Israeli army, triggered by the Hamas attack on its territory on October 7.

In the telephone conversation with Prime Minister Netanyahu, President Joe Biden reiterated Israel's right to "defend its citizens against terrorism", emphasizing at the same time "the need to do so in a manner consistent with international law, which protects civilians".

The two leaders also discussed the ongoing efforts to "locate and secure the release of the hostages" held by Hamas.