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Global markets fell as gold reached a new all-time high

Published by Mattias Söderström in category Articles on 02.10.2024
Gold price (XAU-SEK)
27139,00 SEK/oz
  
+ 79,40 SEK
Silver price (XAG-SEK)
317,11 SEK/oz
  
+ 2,67 SEK
En bild över en stad i Israel
Bildkälla: Canva

Iran launched a massive missile attack on Israel on October 1, 2024, marking a significant escalation in the Middle East conflict. How did this affect the price of gold?

Reports began circulating on October 1, 2024, that Iran was preparing a missile attack on Israel, which was later confirmed when at least 180 missiles were fired. This attack had immediate effects on global stock markets and commodity prices.

Is gold still a safe haven when markets are shaken?

Gold, often seen as a safe haven during times of uncertainty, reached new record levels yesterday, hitting a price of 884,479 SEK per kilogram. Meanwhile, global stock markets, including the Stockholm stock exchange, plummeted due to the unrest.

En graf över guldpriset 1 oktober 2024

Gold price in SEK on October 1, 2024

Gold’s new all-time high is a response to increasing market uncertainty. In addition to gold and oil, the defense sector also saw a rise, with companies like Saab and Rheinmetall experiencing significant gains.

Summary of yesterday’s market developments:

  • Stock markets: The Stockholm exchange dropped, as did the markets in Paris, Frankfurt, and the U.S., where Nasdaq fell nearly 2%.
  • Oil prices: Brent crude rose above $73 per barrel, and West Texas Intermediate also saw an increase.
  • Gold price: Gold hit a new all-time high as investors sought safer assets.
  • Bitcoin: Reacted with uncertainty, showing small gains as investors sought alternative investments.

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Gold price (XAU-SEK)
27139,00 SEK/oz
  
+ 79,40 SEK
Silver price (XAG-SEK)
317,11 SEK/oz
  
+ 2,67 SEK

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