NEW YORK: Oil prices jumped more than 4 per cent, gold gained and the US dollar edged up against the euro on Monday as military clashes between Israel and Hamas fuelled worries that the conflict could spread beyond Gaza.

Emerging market stocks fell, while major US stock indexes were slightly higher in early afternoon New York trading, recovering from losses earlier in the day.

Israel’s shekel weakened sharply. The dollar was last up 2.9pc at 3.951 shekels.

The Bank of Israel earlier said it would sell up to $30 billion of foreign currency to maintain stability. Israeli government bonds also fell, with the 2120 Hundred Year bond down 5.3 cents on the dollar at a record low.US crude rose 4.46pc to $86.48 per barrel and Brent was at $88.04, up 4.09pc on the day.

Emerging market stocks lost 0.21pc, while safe-haven gold was in demand, rising around 1.2pc to $1,852 an ounce.

Published in Dawn, October 10th, 2023