Gaza's Cash Crisis Spurs Surge in Gold Demand

Gazans are turning to gold as a hedge against financial uncertainty in the war-torn territory. The Israeli blockade has prevented cash from entering or exiting Gaza, leading to a surge in demand for gold.

A jeweler in Gaza reported that gold prices have risen significantly since the start of the conflict. 'At the beginning of the war, gold prices were 10% lower than the global price per gram,' Mohammed Al-Ashqar said. 'Today, it is the opposite case.'

The metal hit an all-time record price of over $5,600 per ounce in late January, and dealers believe prices can only go higher.