Global gold prices stabilize on Friday

Gold prices stabilized on Friday, supported by continued demand for safe havens fueled by tensions in the Middle East, as investors await the Federal Reserve’s monetary policy meeting scheduled for next week.

By 1322 GMT, gold in spot transactions fell 0.2 % to 1980.35 dollars per ounce, while US gold futures fell 0.4% to 1989.60 dollars.
“Gold is consolidating in a very narrow range, retaining almost all of its recent gains, as the market is still very worried about the escalation in the Middle East,”said Tai Wong, an independent metals trader based in New York.
Israeli forces carried out their largest ground offensive in Gaza during their 20-day war against Hamas overnight. The yellow metal, which is considered a safe haven, has gained about eight percent or more than 140 dollars since the start of the war on the seventh of October.
The Federal Reserve is scheduled to meet on October 31 and the first of November amid traders ‘ expectations that the Fed will leave interest rates unchanged.