Ultima Markets Logo with Ultima Markets Brand Name in Bright Green Colour Ultima Markets Logo with Ultima Markets Brand Name in Bright Green Colour
  • Resources
    • Market Outlook
      • News
      • Analysis
    • Tools
      • Economic Calendar
      • Trading Calculator
      • VPS
  • About Us
    • About Ultima Markets
    • Why Ultima Markets
    • Security of Funds
    • Contact Us
  • Promotions
    • Promotions
    • IB Rewards 2024
  • Partnership
    • Partnership
    • IB Program
    • CPA Affiliate Program
Open AccountGo to Next Section Go to AppGo to Next Section Login
Choose Your Language
Select language
  • English
  • Malay
  • Indonesian
Home
  • Resources
    • Resources
    • Market Outlook
    • News
    • Analysis
    • Tools
    • Economic Calendar
    • Trading Calculator
    • VPS
  • About Us
    • About Ultima Markets
    • Ultima Markets
    • Why Ultima Markets
    • Fund Safety
    • Contact Us
  • Promotions
    • Promotions
    • IB Rewards 2024
  • Partnership
    • Partnership
    • IB Program
    • CPA Affiliate Program
Open AccountGo to Next Section LoginLogin to Ultima Markets Now
Important Information

You are now visiting the website that is operated by Ultima Markets Ltd. Please be advised that Ultima Markets Ltd. does not have legal entities based in the European Union.

If you want to be protected by the local laws, you can go to Ultima Markets EU ("Ultima Markets Cyprus Ltd."), an acceptable entity for your jurisdiction and regulated by the Cyprus Securities and Exchange Commission.

Strategic Hedging Fuels Surge in Precious Metals Trading

TOPICS

Precious metals

October 30, 2023

Gold Surges Past $2,000 Driven by Geopolitical Tensions

Israeli forces have begun their largest ground attack in Gaza so far in the war with Hamas, despite ongoing diplomatic efforts to delay an expected full ground invasion.

Fueled by hedge buying, Gold raised above $2,000 an ounce and marked the third straight weekly gain.

Gold is trading within a very steep ascending channel, which highlights not only the strength of the current rally but also the need for consolidation. 

Gold Price USD/Ounce

(Gold Price USD/Ounce) 


The Gold Rally: A Closer Look

The Middle East’s developing geopolitical events, particularly the ongoing conflict between Israeli forces and Hamas, are primarily responsible for the recent spike in gold prices.

Israeli forces have launched their most extensive ground attack in Gaza to date, despite continuous diplomatic efforts to avert a full-scale ground invasion.

This significant escalation of hostilities has triggered a sharp increase in the demand for gold, predominantly driven by a surge in hedge buying.


Geopolitical Tensions: The Catalyst

The heightened geopolitical tensions have underscored the importance of gold as a safe-haven asset. During times of uncertainty and conflict, investors and institutions alike turn to gold as a reliable store of value.

The surge in gold prices reflects not only the current rally’s strength but also the market’s demand for a stable and secure asset amidst turmoil.


A Steep Ascending Channel

Gold’s impressive ascent is further emphasized by its trading within a steep ascending channel. This upward price trend signifies not only the robustness of the current gold rally but also the necessity for consolidation.

The ascending channel illustrates the market’s optimism regarding gold’s potential and its sustained upward trajectory.


Silver Softened, After Hitting a High 

On the other hand, silver, a valuable metal often sought as a safe investment during uncertain times, received ongoing support due to the Middle East conflict.

Additionally, the prospects for increased industrial usage of silver were strengthened by additional stimulus measures implemented in China.

However, silver prices didn’t sustain strength, falling below $23.3 per ounce, following a recent peak on October 20th.  

Silver Price USD/Ounce

(Silver Price USD/Ounce) 


Conclusion

The surge in gold prices, driven by geopolitical tensions in the Middle East, marks a pivotal moment in the precious metals market.

Gold’s status as a safe-haven asset has been reaffirmed, and its upward trajectory within a steep ascending channel suggests a continued bullish sentiment.

While silver also responded positively to global turmoil, its recent price decline highlights the complex dynamics within the precious metals market.

Stay tuned for more updates as we navigate these exciting developments in the world of precious metals.


Explore Ultima Markets News Hub

Stay Informed with the Latest Updates – Dive into Our Articles

Explore News


Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

Join the ultimate trading ecosystem

See all Markets Quick Start

LINKS

  • Home
  • Client Resources
  • About Us

LEGAL

Legal Documents

CONTACT US

info@ultimamarkets.com

FOLLOW US

App Store Google Play

FOLLOW US

TRADE WITH US

App Store Google Play

RISK DISCLOSURE

Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.

General Advice Warning: The information on this website is a general nature only and any advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of any advice having regard to your objectives, financial situation and needs, and after considering the legal documents.

Regional Restrictions:This information or devices on this website is not directed or offered to residents of certain jurisdictions such as the United States, North Korea etc. For more information, please contact our customer support team.

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.

Ultima Markets Logo in Black Colour

Copyright © 2025 Ultima Markets Ltd. All rights reserved.

  • Messenger

    Continue on Messenger

    Take the conversation to your Messenger account. You can return anytime.

    Scan the QR code and then send the message that appears in your Messenger.

    用于在此设备上打开 Messenger 的二维码
    Open Messenger on this device.
  • Instagram

    Continue on Instagram

    Take the conversation to your Instagram account. You can return anytime.

    Scan the QR code to open Instagram. Follow @ultima_markets to send a DM.

    用于在此设备上打开 Instagram 的二维码
    Open Instagram on this device.
  • Live Chat

Hi, how can we help you?
打开 linee 的二维码