Gold Price Falls, Brent Oil Hits $80 on 1st Anniversary of Hamas' 7th October Attack on Israel

Gold Price News By Atsuko Whitehouse – Monday 7th October 2024

GOLD PRICES pared an earlier gain on Monday, the first anniversary of Hamas' atrocities in southern Israel spurring 12 months of war, but crude oil hit multi-week highs alongside the Dollar and US bond yields as traders slashed their betting on steep cuts to US interest rates at the Federal Reserve's last 2 meetings of 2024, writes Atsuko Whitehouse at BullionVault.

Having peaked near $2660 per Troy ounce overnight – 1.0% below late September's new record high – spot gold fell towards $2640 per ounce but held nearly $10 above Friday's low, when strong US jobs data erased all bets on a half-point rate cut from the Fed's next decision.

According to the CME derivatives exchange's FedWatch tool, those bets had put the odds of a half-point November cut at 1-in-3 only this time last week.

BullionVault is the world's largest online marketplace for gold, silver, platinum and palladium. Launched in 2005 and now caring for $4.1 billion of precious metal for over 100,000 users from 175 countries, it enables private investors to access the low costs, deep liquidity and ultra-high security of the wholesale bullion market.

A full member of professional trade body the London Bullion Market Association (LBMA) since 2008, BullionVault was chosen in 2017 as online vaulted bullion partner of the mining-industry backed World Platinum Investment Council. BullionVault in 2022 won a third Queen's Award for Enterprise, this time for International Sales.

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