Middle East tensions cause gold rush, prices poised to strike US$1,875

The escalating conflict in the Middle East could drive global gold prices to US$1,875 (67,950 baht) per ounce, as predicted by the Gold Traders Association (GTA).

The association’s president, Jitti Tangsithpakdi, pointed out that prices have risen by US$20-30 per ounce since the onset of hostilities between Israel and Hamas militants. Gold prices reached a one-week high of US$1,860 yesterday morning, October 11, and briefly touched US$1,870 later that day.

The GTA foresees gold trading within a range of US$1,845-1,875 in the short term unless the situation in the Middle East deteriorates further.

On Monday, gold prices experienced their most significant increase since July, driven by heightened demand for a haven in response to the intensifying tensions following Saturday’s terrorist attack by Hamas on Israel.

Spot gold, a crucial marker in…