Bullion traded above $2,660 an ounce after Ukraine said that Russia had launched an intercontinental ballistic missile at the central Ukrainian city of Dnipro. The strike appears to be the first reported use of an ICBM, which is designed to hit targets thousands of kilometers away, since the beginning of the invasion. Heightened geopolitical tensions tend to benefit the precious metal.
Bullion is clawing back losses seen in the immediate aftermath of Donald Trump's victory in the US election, which sparked a rally in the US dollar. Gold has gained almost 30% this year and there are widespread expectations for fresh records in 2025, with Goldman Sachs Group Inc. and UBS Group AG both issuing bullish outlooks in recent days.
In the US, Federal Reserve Bank of Boston President Susan Collins said that more interest-rate cuts were needed, but policymakers should proceed carefully. Lower rates typically benefit gold as it doesn't pay interest.
The potential for rising inflation under a Trump presidency may see the Fed slow or pause its rate-cutting cycle, keeping investors on edge, according to Priyanka Sachdeva, a market analyst with Phillip Nova Pte Ltd.
Spot gold was 0.6%% higher at $2,667.46 an ounce at 10:10 a.m. in London. The Bloomberg Dollar Spot Index dipped 0.01%% after gaining 0.4% on Wednesday. Silver rose to trade above $31 an ounce, while platinum and palladium were little changed.
Source : Bloomberg
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data promp...
Gold prices strengthened on Wednesday, supported by a weaker US dollar and falling US bond yields after the latest economic data reinforced the narrative that the Federal Reserve is likely to continue...
Gold experienced a slight correction in the European session on Tuesday (February 10th), but remained above $5,000/oz as the market held its breath ahead of a series of US data that could alter intere...
Gold held above the psychological $5,000 level at the start of the week, supported by a combination of factors that are "right" for the precious metal : physical demand from China, expectations of low...
Gold prices are still struggling to turn an intraday rebound into a sustained rally. After briefly falling to $4,654 (a four day low) and rebounding, prices were again rejected near $4,900. In the Eur...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...