🌟Your Morning Gold Update: Israel-Hamas War Escalation Concerns🌟

It's Friday, 20th October 2023 and here's a quick rundown of today's gold news highlights for you. Today's update is coming out rather late as it's been a super busy morning at the trading desk.

🚀 Gold's Rising Streak

• Gold soars to a three-month high due to Israel-Hamas tensions.
• Gold achieves record-breaking values in AUD, with all-time highs being tested in UK Pounds and EUR.
• According to Bloomberg, a US site in Syria was hit by drones, and a US ship in Yemen stopped missiles and drones. These events raise fears that the fight between Israel and Hamas might spark a bigger conflict.

💼 Trading Insights

• BullionVault's Trend: Users have continued taking profit as a group overall, selling 3x more gold than they bought in the past week.
• ETF Dynamics: $GLD now at its smallest size in over four years, the $IAU also continues to shrink, as does silver's $SLV

🌐 Global Market Movements

• Coin Dealers: This week's LBMA conference confirmed heavy selling by retail investors, especially in Germany.
• India: Last week's hopes for strong Diwali demand now being hit by the price rise.

🇨🇳 China's Gold Appetite

• Strong consumer demand, evident by the Shanghai premium over London hitting more than $50/toz.
• The nation's central bank sticks to its lowest-ever prime lending rate to ensure economic growth and yuan stability.

🔍 Speculation vs. Reality

• The week's gold price surge seems tied more to Comex futures and options speculation than to genuine physical investing, says Adrian Ash, the Director of Research at BullionVault.

Stay golden and keep an eye on these trends! Remember, the world of precious metals is ever-evolving, and staying informed is key. 🔑

DISCLAIMER: Please, note that the information provided in this personal post is a summary of news about gold, aggregated from multiple online sources. It is intended for informational purposes only and should not be construed as investment advice. Always consult with a qualified financial advisor before making any investment decisions.