A senior Hamas representative in Lebanon told Politico that they are now coordinating with the Iranian-backed militant group Hezbollah. According to the representative, both militant groups have warned of “preemptive action against Israel.”

Gold, a timeless symbol of wealth and stability, has seen modest gains in recent times, largely in response to the extreme uncertainty pervading the Middle East. The ongoing tumult in the region, notably the Israeli-Hamas conflict, has once again demonstrated the unique role gold plays in financial markets.

This interview was recorded on Thursday. October 12. 2023 at 7PM EDT afternoon. Ivan Bayoukhi and I talk about the recent attack by Hamas and the response by Israel.

As of 3:55 PM EDT, gold futures basis the most active December contract is trading dramatically higher, up $58.50 and fixed at $1941.40. Today’s surge in gold pricing is the direct result of attraction by market participants to move a portion of their portfolio into a safe haven asset.

The U.S. Bureau of Labor Statistics released the latest information on the current inflationary pressures today.  “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in September on a seasonally adjusted basis, after increasing 0.6 percent in August, the U.S. Bureau of Labor Statistics reported today.

As of 4:20 PM EDT gold futures basis the most active December contract is up $12.20 and is fixed at $1887.50. Gold opened at $1873.70 and traded to a high of $1890.90, and a low of $1871.70. The result of gold opening near the low and closing near its high while posting a solid gain created a large green candlestick.

Gold futures basis the most active December contract gained $11 in trading today when compared to yesterday’s close and is fixed at $1875.30. Gold opened at $1875.40 and closed in essence unchanged creating a doji candlestick.

On Saturday Hamas, a militant group also known as the Islamic Resistance Movement initiated a surprise and coordinated attack on Israel by launching rockets at multiple cities. Hamas said it struck the Israeli cities of Jerusalem, Tel Aviv, Sderot, Ashkelon, and Ashdod with over 2,000 rockets.

The dollar is now in its third consecutive day of trading lower. The dollar hit its highest value of 107.05 on Tuesday, October 3. This is the highest value of the index and almost a year. The last time the dollar index was at 107 occurred at the end of November 2022.

The dollar is now in its second consecutive day of trading to lower values. The same is true for the U.S. 10-year and 30-year Bonds. However, this has not halted the recent and strong price decline seen in gold. The precious yellow metal has now had 9 consecutive days of lower closes.