Gold prices hit their highest since September 20

Gold prices rose to a 30-day high on Wednesday. The Gaza hospital explosion has sparked fears of an escalating conflict in the Middle East and increased demand for safe-haven assets, Report informs.

Spot gold prices jumped by 0.7% to $1,935.63 per ounce. Earlier in the session, quotes reached their highest since September 20. Gold futures rose 0.7% to $1,948.40 an ounce.

Gold prices were supported by rising geopolitical risk premiums on fears of prolonged conflict, said Kelvin Wong, senior market analyst at OANDA.