Gold Rises On Geopolitical Tensions

CHICAGO, (APP - UrduPoint / Pakistan Point News - 28th Oct, 2023) Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday on geopolitical tensions in the middle East.

The most active gold contract for December delivery rose 1.10 U.S. dollars, or 0.06 percent, to close at 1,998.50 Dollars per ounce.

Israeli forces carried out their biggest Gaza ground attack overnight since the conflict between Israel and Hamas started on Oct. 7, fueling safe haven demand for gold.

Economic data released on Friday were mixed. The U.S. Labor Department reported that the U.S. personal consumption expenditures price index, the Federal Reserve's key gauge of inflation, rose 0.

3 percent in September, in line with market expectations.

The U.S. Commerce Department reported that U.S. personal spending increased by 0.7 percent in September, after rising by 0.4 percent in August. Spending was expected to climb by 0.5 percent.

The Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers fell to 63.8 in the October 2023 survey, down from 67.9 in September but above last October's 59.9.

The Federal Open Market Committee meeting is due on Oct. 31-Nov.