Gold Hits All-time High Above $2,100 on Geopolitical Tensions

Gold price hit a new record high near $2,100 at the weekly opening as markets reacted to escalating geopolitical tensions in the Middle East.

October Factory Orders will be the only data featured in the US economic docket on Monday.

Investors will continue to pay close attention to headlines surrounding the Israel-Hamas conflict and comments from central bankers.

Yemen’s Houthi rebels hit three commercial ships in the Red Sea on Sunday and a US warship responded by shooting down three drones.

In a statement released after the event, the US military’s Central Command said that they have “every reason to believe that these attacks, while launched by the Houthis in Yemen, are fully enabled by Iran.”

After setting a new all-time high, Gold retreated in the Asian trading hours. At the time of press, XAU/USD was still up 0.5% on the day at $2,080.

Following a drop to a fresh two-week low of 1.0828 on Friday, EUR/USD managed to recover toward 1.0900 ahead of the weekend. Early Monday, the pair fluctuates in a tight channel above 1.0850.

European Central Bank (ECB) President Christine Lagarde and several other ECB policymakers are scheduled to speak later in the day.

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