Gold Rises to 2-Week High on US Debt Worries and Middle East Tensions
Gold prices went up to the highest level in two weeks on Thursday. Investors bought gold to stay safe because they are worried about the growing U.S. government debt and rising tensions in the Middle East.
The U.S. government recently sold $16 billion worth of 20-year bonds, but demand was weak. This made people worry about how much debt the country has. Moody’s, a credit rating agency, also lowered the U.S. credit rating, adding to these concerns.
At the same time, reports say Israel might attack Iran’s nuclear sites. This has made investors nervous about a possible conflict in the region.
Because of these fears, many investors are buying gold, which is seen as a safe place to keep money when times are uncertain.
Other metals moved differently: silver went up by nearly 1% to $33.66 per ounce, platinum went down by 0.4% to $1,072.43, and palladium dropped by 1.4% to $1,023.50 per ounce.
Impact: Gold might keep rising if U.S. debt problems continue or if Middle East tensions increase. People could keep buying gold to protect their money.