Gold prices surged higher on Wednesday on safe-haven demand amid escalating tensions in the Middle East following a huge explosion at a Gaza hospital.
According to reports, a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people including women and children.
Hamas attributed the blast to an Israeli airstrike, but the Israeli military said it was not involved and the explosion was caused by a misfired Palestinian rocket.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.