Gold price rises to 11-week high

Gold jumped to its highest level since the beginning of August on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal.

Spot gold was up 1.1% to $1,945.20 per ounce by noon EDT, having risen to as high as $1,962.35 an ounce earlier. US gold futures also gained 1.1%, trading at $1,957.00 per ounce.

Bullion has been on the rise since Hamas’ surprise attack on Israel earlier this month, up more than 5% over that period. Previously, it was trading near a seven-month low, with a steep selloff in Treasuries weighing heavily on the metal.

London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.

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