GOLD traded near $2 000 an ounce — after breaching the threshold for the first time since May on Friday — as Israel’s ground invasion of Gaza appeared to be more cautious than it had initially vowed.
Bullion edged lower after jumping 1.1% on Friday as Israel stepped up ground operations. Israel sent troops and tanks into the northern Gaza Strip in what it called the second and longer phase of its war against Hamas and is taking a day-by-day approach. That eased fears that a massive invasion would lead to a regional escalation.
“Oil and gold prices are notably lower in early Monday trade, but remember this is likely to be a long, drawn-out affair with many false dawns,” said Stephen Innes, managing partner at SPI Asset Management. “Hence, gold prices may not drift too far lower.” Bloomberg