Gold and oil pop as Gaza ceasefire hopes fade

Gold is at the highs of the week in a quick $6 move higher to just below $2000. It’s been largely a one-way trade since the Hamas attacks on October 7.

Oil is also at the highs of the day in a rise above $85, paring much of the weekly loss.

The market has been waiting for the Israel counter-offensive to start but it’s been slowed by US requests and today there was talk of a ‘breakthrough’ in ceasefire talks from CNN. However reports are all over the place and video from on the ground show heavy airstrikes in Gaza with Israeli military spokesmen talking about larger incursions.