
Israel and Hamas signed an agreement on Thursday to cease fire
Gold stays above $4,000 level, silver breaks through $50 for first time

Gold prices eased on Thursday as some investors booked profits, but remained above the $4,000 per ounce level, as expectations of U.S. interest-rate cuts and persistent global uncertainties drove demand for the safe-haven asset.
Silver, spurred by momentum in the gold market, strong investment demand and an ongoing supply deficit, breached the key psychological barrier of $50 per ounce for the first time.
Spot gold fell 0.5% to $4,018.40 per ounce, as of 1022 am ET (1422 GMT). U.S. gold futures for December delivery fell 0.9% to $4,032.30.
"Speculators are taking some gold chips off the table as the Gaza ceasefire takes effect since it reduces the temperature in a historically volatile region," said Tai Wong, an independent metals trader.
Israel and Hamas signed an agreement on Thursday to cease fire, the first phase of U.S. President Donald Trump's initiative to end the war in Gaza.
"Overall, though, the faith in this trade is largely undiminished. However, this rally has been so rapid that no real support comes in until $3,850," Wong said.
Bullion surged past the $4,000 per ounce mark for the first time on Wednesday, reaching a record high of $4,059.05. The non-yielding asset, which is traditionally considered a hedge during geopolitical and economic uncertainty, has surged more than 54% this year.
Its rally has been fueled by geopolitical tensions, robust central bank buying, rising ETF inflows, expectations of U.S. rate cuts, and tariff-related economic uncertainties.
Minutes of the U.S. central bank's September meeting, released on Wednesday, showed Federal Reserve officials agreed that risks to the U.S. job market were high enough to warrant a rate cut, but remained wary amid stubborn inflation.