World Gold Prices Strengthen Again, Almost Touch 2,000 US Dollars Per Ons

Gold illustration (Photo: dock. Antara)

JAKARTA - The world's gold price ended higher at the end of trading Friday, October 20. This was triggered by Israel's land invasion of Gaza.

The most active gold contract for December delivery in the Comex division of the New York Mercantile Exchange closed up 13.9 US dollars or 0.7 percent to 1,994.4 US dollars per ounce.

Investors continue to switch to gold safe haven assets ahead of Israel's possible land invasion of Gaza. If the conflict in the Middle East increases, market analysts estimate the price of gold could rise to touch above $ 2,000 per ounce.

Meanwhile, speaking ahead of the Shadow Open Market Committee meeting, Fed president Cleveland Total Mester said on Friday (20/10) that he believed the central bank was likely to raise interest rates again.

"Despite the decisions taken at the next meeting, if the economy develops as anticipated, in my view we will most likely approach or maintain interest rates because we collect more information related to economic and financial developments and assess the impact of tightening the financial conditions that have occurred," said Mester quoting Antara.

Federal Reserve Chair Jerome Powell opened the possibility of further interest rate hikes in his speech on Thursday (19/10).

Another precious metal, silver, for December delivery closed up 47.3 cents, or 2.05 percent, to 23,504 dollars per ounce. Meanwhile, platinum for January delivery closed up 6.9 dollars, or 0.77 percent, to 905.1 dollars per ounce.