Gold Rises to 11-Week High as Middle East Conflict Escalates
- Explosion at Gaza hospital has raised tensions for Biden visit
- Iran calls for oil embargo against Israel over Gaza strikes
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Gold jumped to the highest level since the beginning of August as the intensifying conflict in the Middle East bolstered haven demand, with hopes for a diplomatic resolution deteriorating after a deadly explosion in Gaza.
US President Joe Biden’s visit to Israel and Jordan scheduled for Wednesday began to unravel even before he left the ground, after the explosion at a Gaza hospital a day earlier left hundreds dead and Arab leaders pulled out of a meeting planned for the trip.