1. Event overview
On September 18, the US vetoed a UN Security Council draft resolution calling for an immediate, unconditional ceasefire in Gaza. The draft also asked Israel to lift all restrictions on aid to Gaza. The other 14 members of the Council voted in favor, but the US cast the only veto. Denmark’s UN ambassador said famine in Gaza has been confirmed, not just predicted, calling it a humanitarian failure that requires action. US diplomat Morgan Ortagus said Hamas is responsible for starting and continuing the war, and argued the war could end today if Hamas released hostages and disarmed.
2. Reactions from different parties
The international community strongly criticized the US veto. Before the vote, Denmark’s representative warned that famine in Gaza city and nearby areas has begun and may spread. The UN Security Council plans a high-level meeting on Gaza next Tuesday, when world leaders gather in New York. Israel’s UN ambassador, Danny Danon, said that despite some disagreements, cooperation with the US is so strong that Israel can accept the situation. Danon also confirmed that after speaking at the UN General Assembly, Prime Minister Netanyahu will visit Washington and meet with former President Trump on September 29.
3. Market impact analysis
Expectations of a prolonged conflict boost safe-haven demand
The US veto for the sixth time shows the Gaza conflict is unlikely to be solved quickly through diplomacy. With UN ceasefire efforts failing, the conflict could escalate and last longer. Gold is holding above $3,650.00.
US diplomatic isolation increases appeal of safe assets
The US voted alone in a 14-to-1 result, which increases its diplomatic isolation. This isolation could weaken the US’s global influence and push investors toward non-political safe assets like gold.
Humanitarian crisis deepening supports a long-term premium
Confirmed and possibly spreading famine in Gaza means the humanitarian crisis is getting worse. Long-term suffering could cause wider regional instability and increase the risk of the conflict spreading.
4. Technical analysis
After the news, gold stayed steady. At Beijing time on September 19 midday, gold was $3,657.31 per ounce. The Relative Strength Index (RSI) stayed around 54, a neutral level. The hourly chart shows an overall strong buying trend.
5. Outlook
Trump–Netanyahu meeting
The US–Israel leaders’ meeting on September 29 will be a key event. If the meeting shows US continued unconditional support for Israel’s current policy, it will strengthen expectations of a prolonged conflict.
Humanitarian crisis developments
If the Gaza famine worsens, it could trigger stronger reactions across the Arab world and even change the positions of traditional US allies like Saudi Arabia, adding more geopolitical uncertainty.
Summary
The US veto of the UN ceasefire resolution for the sixth time makes a longer Gaza conflict more likely and continues to support gold as a safe-haven asset. Investors should watch statements during the UN General Assembly, the US–Israel leaders’ meeting, and developments in the Gaza humanitarian situation.