---
title: "Gold price continues to hit new highs! Safe-haven sentiment rises as spot gold breaks above $2700"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/217176033.md"
description: "Spot gold prices broke through $2700 per ounce for the first time, driven by escalating Middle East conflicts triggering safe-haven demand. Gold prices rose by 0.5% to $2706.81 per ounce, with Friday's trading price at $2706.10. Strong U.S. economic data reduced bets on Fed easing, despite interest rate hikes typically being unfavorable for gold. Gold prices have risen by over 30% this year, making it one of the best-performing commodities in 2024. Strong buying from global central banks and increasing demand from Asia also supported gold prices"
datetime: "2024-10-18T02:19:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/217176033.md)
  - [en](https://longbridge.com/en/news/217176033.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/217176033.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/217176033.md) | [English](https://longbridge.com/en/news/217176033.md)


# Gold price continues to hit new highs! Safe-haven sentiment rises as spot gold breaks above $2700

Zhitong Finance learned that the spot gold price has surpassed $2700 per ounce for the first time, as concerns about escalating conflicts in the Middle East have prompted investors to flock to safe-haven assets. On Friday, the price of gold rose by 0.5% to $2706.81 per ounce, after Israel claimed to have killed Hamas leader Yahya Sinwar. Sinwar was behind Hamas attacks in southern Israel, triggering a year-long conflict in Gaza.

As of the time of writing, the spot gold trading price is $2706.10 per ounce. The Bloomberg Dollar Spot Index fell by 0.1%, ending a four-day streak of gains. Silver, palladium, and platinum all saw increases.

Israeli Prime Minister Benjamin Netanyahu stated that Israel will continue to fight until all hostages taken by Hamas last year are freed, despite U.S. President Biden's call for an end to the conflict. During times of geopolitical and economic uncertainty, investors typically seek safety in gold.

The demand for safe-haven assets has outweighed macroeconomic headwinds that would normally pressure gold, as a report released by the U.S. on Thursday reduced bets on the Fed's easing measures. September retail sales in the U.S. exceeded expectations, and another report showed an unexpected drop in initial jobless claims, reinforcing the view that the U.S. economy is far from recession. A rising interest rate environment usually puts pressure on non-yielding gold.

Gold prices have risen by nearly 2% this week, as investors realigned their portfolios ahead of the U.S. election on November 5th. With both candidates posing different risks to the U.S. economy, gold could receive further support regardless of whether Trump or Harris wins.

Gold prices have surged by over 30% this year, making it one of the best-performing commodities in 2024. The optimistic sentiment following the Fed's initiation of an easing cycle last month has driven the recent uptrend. Strong buying from central banks globally has been a long-term support for gold prices. Western investors have also contributed to the price increase.

Moreover, in the first half of this year, as Western investors remained cautious, Asian demand soared. The Fed's shift to a more accommodative monetary policy has boosted the appeal of exchange-traded funds (ETFs) backed by gold, with these funds expected to see their gold holdings expand for the fifth consecutive month in October - the longest streak of inflows since 2020

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