Gold rebounds to $2,000 amid Israel-Hamas war, U.S. debt turmoil

Investors flee to safe-haven metal even as interest rates rise

20231026N gold

The Israel-Hamas war and growing U.S. government debt are contributing to a rise in gold prices. (Photo by Shinya Sawai)

MOMOKA MATSUMOTO, Nikkei staff writer

TOKYO -- Gold prices are back on the rise as worries about the war in the Middle East and mounting U.S. debt drive investors toward safe assets.

Gold futures prices in New York climbed as high as $2,003 per troy ounce at one point Thursday, crossing $2,000 for the second time in a week -- a level last seen over two months ago -- and moving closer to the August 2020 record of $2,089. The metal had fallen to nearly $1,820 early this month.

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