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Israeli strikes across Gaza kill at least 50 people

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Israeli strikes across Gaza kill at least 50 people

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New update 2024.12.23 10:30
Israeli strikes across Gaza kill at least 50 people

update 2024.12.23 10:30

Israeli strikes across the Gaza Strip overnight and early Sunday killed at least 50 Palestinians, including at one family's home and a school building, according to Palestinian medical officials.

The Houthis issued a statement, claiming responsibility for the attack, saying they had aimed a hypersonic ballistic missile at a military target. 

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Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country's solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 

Date

Created

 : 2024.12.23

Update

Last updated

 : 2024.12.23

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