Gold skids from 1-month peak as investors struggle with war worries
Gold prices slid on Monday after hitting a near one-month high earlier, as escalating fears of the conflict between Israel and Palestinian militant group Hamas boosted safe-haven bullion more than 3% higher in the last session.
FUNDAMENTALS
* Spot gold fell 0.5% to $1,921.69 per ounce by 0102 GMT and U.S. gold futures dropped 0.4% to $1,934.40.
* Gold, which is seen as a safe investment during uncertain times, hit its highest since Sept.
20 at $1,934.82 earlier in the session, after surging 3.4% on Friday in its biggest one-day rise in seven months.
* U.S. President Joe Biden said on Sunday he believes the Hamas militant group must be eliminated but there should be a path to a Palestinian state, after top U.S.
officials warned the war between Israel and Hamas could escalate.
* The Israeli-Hamas war has sharpened focus on rising geopolitical risks for financial markets, as investors wait to see if the conflict draws in other countries with the potential to drive up oil prices further and deal a fresh blow to the world economy.
* U.S. consumer sentiment deteriorated in October, with households expecting higher inflation over the next year, but labor market strength was likely to continue supporting consumer spending.
* COMEX gold speculators increased net short position by 11,784 contracts to 14,788 in week to Oct.
