By John Meyer, consultant in financial affairs – Eurasia Business News, October 13, 2023

Gold prices soars and gains 4% on Friday, are near a four-week high due to a new escalation of tensions in the Middle East.

Quotes of December gold futures on the New York Comex exchange jumped by 4% to $1945 per troy ounce.

The Israeli Ministry of Defence called on residents of the northern Gaza Strip to move to the south of the enclave “for their own safety and the safety of their families.” The evacuation could affect about 1.1 million Palestinians, or half of all residents.

Events in the Middle East have come to the fore, overshadowing all market concerns and discussions.

Read also : How to invest in gold

The conflict and its possible consequences have attracted the attention of the international community and have become a major topic in the media and public discourse, temporarily managing to divert attention from financial and economic issues. The fear of an oil and gas shock like in October 1973 is on the minds of investors.

If the geopolitical situation gets worse, there is a good chance that gold prices could go to the $2,000 levels by 2024. The Middle East is a key region for oil and gas. Europe needs the hydrocarbons from exporters of the Middle East, since Europeans have banned the imports of Russian oil and gas.

Fears of a great war in the Middle East are supporting gold prices.

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