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Rising war tensions in the Middle East continue to escalate, with Tehran launching numerous ballistic missiles at Israel just hours after Israeli Prime Minister Benjamin Netanyahu ordered a ground offensive in Lebanon targeting Hezbollah. 
As Israel targeted Hezbollah and Tehran bombarded Israel overnight, traders and investors scrambled to find safe havens to weather the conflict.&nbsp; 
Gold is seen as a reliable refuge for markets to park their cash during times of geopolitical uncertainty. The <a href="https://www.barchart.com/story/news/28603051/tensions-in-the-middle-east-are-flaring-up-again">ongoing conflict in the Middle East</a> has driven a bullish narrative for gold since the first clashes erupted. 
Gold surged on Tuesday, with prices rising more than 1.2%, reaching a session high of $2,673 — just $22 below the all-time record high of $2,685 set on September 26. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-53789 size-full" src="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1.jpg" alt="" width="1835" height="834" srcset="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1.jpg 1835w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1-300x136.jpg 300w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1-1024x465.jpg 1024w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1-768x349.jpg 768w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/XAUUSD-Chart-by-TradingView-1-1536x698.jpg 1536w" sizes="(max-width: 1835px) 100vw, 1835px"> 
In this climate, both gold and the U.S. dollar drew risk-averse traders. The dollar strengthened as global markets were shaken by escalating war tensions. 
The <a href="https://www.tradingview.com/symbols/TVC-DXY/">U.S. dollar index climbed</a> about half a percent on Tuesday and remained strong on Wednesday, hovering near 101.30 and aiming for a three-day winning streak. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-53790 size-full" src="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView.jpg" alt="" width="1835" height="835" srcset="https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView.jpg 1835w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView-300x137.jpg 300w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView-1024x466.jpg 1024w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView-768x349.jpg 768w, https://walletinvestor.com/magazinadmin/wp-content/uploads/2024/10/DXY-Chart-by-TradingView-1536x699.jpg 1536w" sizes="(max-width: 1835px) 100vw, 1835px"> 
The dollar continued to dominate forex markets — USD/JPY surged to near ¥144.00, and EUR/USD tumbled 0.7% to $1.1060. 
Traders are closely following the developments, and the outlook remains bleak. Israel has vowed to retaliate against Iran’s missile attack. With fears growing of a wider war between these powers, market volatility could be sharp, sudden, and unpredictable. Be sure to monitor the situation closely and adjust your portfolio accordingly.

Tensions in the Middle East Trigger Market Volatility

WalletInvestor

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