Gold prices continued their upward trend for the fourth consecutive session, supported by increased demand for safe-haven assets amid the intensifying Russia-Ukraine conflict and rising geopolitical tensions. Investors are also awaiting new signals regarding the future of U.S. interest rates.
Spot gold rose by 0.3% to reach $2,657.41 per ounce as of 02:38 GMT, while U.S. gold futures climbed by the same percentage to $2,660 per ounce.
On the battlefield, Ukraine launched a barrage of British Storm Shadow missiles against targets in Russia, following its use of advanced U.S. ATACMS missiles the day before, marking a significant escalation in the conflict. Simultaneously, the United States vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, further heightening global geopolitical tensions.
In financial markets, the CME Group’s FedWatch tool indicated a 54% probability of a 25 basis-point rate cut in December.
As for other precious metals, spot silver rose 0.8% to $31.11 per ounce, platinum gained 0.4% to $965.30 per ounce, and palladium increased by 0.7% to $1,027.84 per ounce.
