Gold prices fell on Monday, October 16, after reaching the highest level in nearly a month, with escalating fears of the conflict between Israel and the Hamas movement, which pushed the precious metal to rise by more than 3% in the previous session.

By 01:02 GMT, gold in instant transactions fell 0.5% to $1921.69 per ounce. US gold futures fell 0.4% to $1,934.40 per ounce.

Gold, which is seen as a safe investment in times of turmoil, hit its highest level since September 20 at $1,934.82 an ounce earlier in the session after rising 3.4% on Friday, its highest daily increase in seven months.

The war between Israel and Hamas has led to increased focus on the growing geopolitical risks for financial markets, as he expects
Investors are to see whether the conflict might attract other countries with the potential to push oil prices higher and deal a new blow to the global economy.

Consumer sentiment deteriorated in the United States in October, as households expected inflation to rise over the next year, but the strength of the labor market is likely to continue to support consumer spending.

As for other precious metals, silver decreased in spot transactions by 0.4% to $22.62 per ounce. Platinum fell 0.2 percent to $879.19 an ounce. Palladium settled at $1,147.55 per ounce.