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Gold Gains as Attack on Israel Bolsters Metal’s Haven Status

Gold prices are solidly higher in early U.S. trading Monday, following the surprise Hamas attack on Israel over the weekend. Safe-haven demand is featured as the world has just seen an unexpected major geopolitical shock that has traders and investors spooked. December gold was las up $18.40 at $1,863.40 and December silver was up $0.047 at $21.77.

Asian and European stocks were mostly lower overnight. U.S. stock indexes are pointed to lower openings when the New York day session begins.

The marketplace is unnerved following the weekend Hamas raid on Israel that killed hundreds of civilians and hostages taken. Israel retaliated harshly and declared war on Hamas.

This is the largest act of violence seen in Israel in 50 years. Risk aversion is high to start the trading week, as the ramifications of the weekend attack by Hamas are huge, both politically and economically. The U.S. is building up its military presence in the Middle East region.