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Gold extended its gains throughout the day today in light of increased risk aversion from market participants. The rise of the risk-off environment today comes courtesy of an explosion of a hospital in Gaza last night which saw both Israel and Palestine trade blame for the atrocity. The impact and fallout spurred renewed concern of a wider conflict which helped Gold accelerate toward the $1950/oz handle.
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Silver Price Forecast: XAG/USD (Silver) prices are softly back on Monday in a relief pullback from Friday’s peak into $22.82. While bullish momentum saw a boost for spot Silver on the back of an escalation of the Israel-Hamas conflict last week, Silver’s deep bear rout from August’s peaks at the $25.00 handle are constraining metal bulls.