Here is the XAUUSD news update for today, October 30, 2023. The gold price has entered a consolidation phase at the start of the new week after reaching a five-month high of $2,009 last Friday. The market is being cautious given the escalating Gaza-Israel conflict and several upcoming major central bank meetings.
 
All attention is currently focused on the tensions in the Middle East and central bank policies.
 
The rally in gold prices stalled this Monday morning as investors remained wary due to the shift of global funds into safer assets following Israel's further attacks in Gaza. Israel launched artillery and missile strikes from fighter jets on Friday, and these attacks continued into Monday morning, referred to as the "second phase" of the operation.
 
Israel continues to strike Gaza, particularly in the northern part of the region. The Director-General of the World Health Organization, Dr. Tedros Adhanom Ghebreyesus, has pleaded for a ceasefire and peace.
 
Meanwhile, concerns are growing over a potential attack on Al-Quds Hospital in Gaza after Israel ordered immediate evacuations while the attacks persist.
 
Amid the ongoing tensions in the Middle East, investors are seeking traditional safe havens, such as gold. The market is also anxious ahead of policy announcements from the Bank of Japan (BoJ), the US Federal Reserve (Fed), and the Bank of England (BoE).
 
Additionally, news that the Hong Kong High Court is hearing a petition for closure against the Chinese property developer Evergrande Group, which has struggled for nearly two years to pay its debts, has caused the company’s stock to drop 20%.
 
Concerns over the Chinese property market are confusing investors and supporting the US Dollar. A correction pause in US Treasury yields is also keeping the US Dollar strong, limiting gold price increases.
 
However, the US Treasury Department will announce quarterly refunding, which could have a significant impact on the bond market and ultimately affect US Treasury yields.
 
The rising US budget deficit has been a primary reason behind the recent increase in US Treasury yields; therefore, the announcement of borrowing forecasts for the fourth quarter and the first quarter of 2024 on Monday will be closely monitored.
 
Furthermore, high inflation and growth figures from Germany could also significantly impact broader market sentiment and, ultimately, the valuation of the US Dollar. However, the conflict in the Middle East continues to dominate sentiment and gold price movements.
 
Warning!
 
This is an explanation of "XAUUSD Today: October 30, 2023 - Gold Price Approaches $2,000 Again." This analysis is based on fundamental and technical perspectives from reliable sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct your own research regarding other forex information as a reference for your trading.
 
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