Investors are flocking to buy safe-haven assets.

Gold, the US dollar, and US government bonds all rose on October 13th, as investors worried about escalating tensions in the Middle East.

At the close of trading on October 13, the spot gold price rose by as much as $64 an ounce, to $1,932. This is the highest level in over a month. This development also helped gold prices record their strongest weekly gain in 7 months.

"Investors are flocking to safe-haven assets as tensions in the Middle East escalate. If the geopolitical situation worsens, there's a high probability that gold prices could reach $2,000 this year. The market has already risen from $1,850 to nearly $1,950. The $2,000 mark is just a hair's breadth away," commented Edward Moya, a market analyst at OANDA.

World gold prices surged on October 13th.

Investors are concerned that the conflict in the Middle East will escalate as Israel begins to advance into the Gaza Strip. Previously, they had only carried out airstrikes.

The yield on 10-year US Treasury bonds fell to 4.63% yesterday. This means bond prices are rising. Like gold, US Treasury bonds are considered a safe investment channel during times of volatility.

The USD also strengthened due to safe-haven demand. The Dollar Index – which measures the strength of the greenback against six major currencies – rose 0.11% to 106.63 points yesterday. In the previous session, the index gained 0.8% – its strongest gain in six months.

"Investors' goal is to pour money into safe-haven assets before things worsen this weekend. Everything in the Middle East is heading in a worse direction," said Marvin Loh, global macro strategist at State Street.

Data released on October 13th also showed that China's consumer price index (CPI) remained almost unchanged in September. The producer price index (PPI) also declined, indicating that deflationary pressure persists. The country's import and export volumes continued to fall, although the pace slowed.

Ha Thu (according to Reuters)

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