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- Spot gold prices have jumped 8% since the end of September, topping $2,000 an ounce.
- Those gains have put the precious metal on pace for its best monthly performance since November 2022.
- Demand for safe-haven assets has surged since the start of the war between Israel and Hamas.
Gold is on pace to rack up its best month since November 2022, with demand for so-called "safe-haven" assets jumping due to investors' worries about the ongoing war between Israel and Hamas.
Spot prices for the precious metal have climbed 8% since the end of September to trade at nearly $2,007 per Troy ounce Tuesday, per data from Refinitiv.
Bullion prices have surged since Hamas' first attack on Israel on October 7. Wall Street's worries about that conflict have boosted safe havens, which tend to retain stable prices during times of geopolitical uncertainty.
Over the past month, gold has thrashed low-risk rivals like the US dollar, on pace to fall nearly 1%, and 10-year Treasurys, which are still reeling from one of the worst crashes in market history.
But it's lagged behind bitcoin. The token, which some crypto bulls see as a digital alternative to gold, has seen its value shoot up by more than 25% in October, jumping thanks to investors' optimism that US regulators will soon approve a spot bitcoin ETF.
As well as enjoying fresh safe-haven attention, gold has rallied recently due to central banks hoarding bullion in a bid to reduce their reliance on the dollar, according to analysts.
"Gold demand is healthy this quarter, compared with its five-year average," World Gold Council market analyst Louise Street said Tuesday as the group released its quarterly report. "Looking forward, with geopolitical tensions on the rise and an expectation for continued robust central bank buying, gold demand may surprise to the upside."