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Gold Rises as Israel, Hamas Conflict Continues

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as conflict between Israel and Hamas continues.

The most active gold contract for December delivery rose 8.80 U.S. dollars, or 0.44 percent, to close at 1,994.90 dollars per ounce.

Israel has intensified its bombing of southern Gaza overnight. Geopolitical tensions continue to support gold.

The U.S. Commerce Department reported Wednesday that U.S. new home sales rose 12.3 percent to an annual rate of 759,000 in September, from a revised 676,000 in August.

Investors are waiting for U.S. GDP data for the third quarter due out on Thursday, and the U.S. personal consumption expenditures index due Friday, for clues to the Federal Reserve’s policy path in the next step.

Silver for December delivery fell 10.90 cents, or 0.47 percent, to close at 23.007 dollars per ounce. Platinum for January delivery rose 20.50 dollars, or 2.30 percent, to close at 912.40 dollars per ounce.