Buyers drawn to the price of gold due to geopolitical concerns.

For the second day in a row, the price of gold (XAUUSD) is rising; on Thursday. It is trading in the $1,985 range, up around 0.30% during the Asian session. The precious metal continues to gain on the possibility of an additional escalation of the Israel-Gaza conflict. And is still well within striking distance of a five-month high hit last Friday.

Rising US Treasury bond yields and a stronger US dollar don’t appear to phase bulls too much.

The increase appears to be unaffected by higher US Treasury bond yields and a rising US dollar (USD). Supported by the Federal Reserve’s (Fed) hawkish stance, which tends to weaken the yellow metal’s unwavering value.

The near-term trend of the gold price will be largely determined by the important macro data. That investors are now anticipating from the US. These data points will provide clues about the Fed’s potential future rate-hike path.

Investors are hoping for some significant stimulus from the Advance US Q3 GDP growth data.

The US economic calendar for Thursday includes the release of the Advance Q3 GDP print. Weekly Initial Jobless Claims, Durable Goods Orders, and Pending Home Sales data. The USD price dynamics and the XAUUSD should be influenced by this. As well as Fed Governor Christopher Waller’s planned speech and US bond yields.

Daily Digest Market Movers: The Israel-Hamas conflict continues to support the price of gold, notwithstanding higher US bond rates and the US dollar

Notwithstanding growing US Treasury bond rates and some follow-through US Dollar (USD) purchasing interest, geopolitical worries nevertheless maintain the gold price’s support.

There is a greater chance that the situation could spread throughout the Middle East as a result of Israel’s military stepping up its bombing of Hamas targets in Gaza and preparing for a land invasion.

Numerous global countries have been attempting diplomatically to defuse the explosive situation between Israel and the militant Palestinian organization Hamas.

The benchmark 10-year US Treasury yield is able to remain stable at a 16-year high, just below the 5% barrier that was crossed earlier this week, thanks to hawkish predictions from the Federal Reserve.

Bulls in XAUUSD, meanwhile, are mostly unmoved by the US dollar’s recent strong recovery move. From a one-month low. contacted Tuesday.

According to the preliminary estimate of the US GDP print. The third quarter’s economic growth was 4.2% annualized, up from Q2’s 2.1% growth.

The US PCE Price Index will then come into focus for the market. Providing some significant momentum ahead of the FOMC meeting next week.