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Not to be outdone, silver saw even stronger gains in the same period, rising from £17.03 / $20.71 to trade at £18.96 / $23.11 at the time of writing, a gain of 11.3% and 11.5%. Silver has further to recover from its summer slump but is outperforming gold at its current pace.
All eyes remain on the Middle East, and escalation remains the chief concern. Iran have threatened to intervene in the conflict, and oil and gas prices are rising on supply disruption expectations. A summit of Arab leaders has already been cancelled following a blast at a Gaza hospital that has further raised tensions in the region overnight.
Outside of geopolitics, we are now two weeks away from the next interest rate decision from the Fed. Markets are unsure whether sticky inflation, and strong job and retail figures will prompt another hike, or if the risk of recession will give the Fed enough reason to hold.
With the geopolitical and economic outlook so uncertain, investors are turning once again to safe havens, and after building such a solid base price in the past three years, gold is well poised to test all-time highs as investors look to protect their wealth
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