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Institutions: Escalating geopolitical tensions in the Middle East continue to pump up gold prices
Gold climbed in the early Asian trading session due to heightened geopolitical tensions in the Middle East, which typically leads to increased demand for gold as a safe-haven asset, as rising geopolitical tensions in the Middle East, Oct. 18. Fitch Solutions BMI said in a commentary that gold prices were supported by “Fed rate cuts and high geopolitical tensions”. BMI currently has a “neutral to bullish” view on gold from Q4 to Q1 next year and forecasts gold to trade in a range of $2,500/oz to $2,800/oz in the coming months. The current spot gold price is about 0.7% intraday, standing above $2,710 an ounce.