Gold is headed for its biggest weekly gain since October last year as the escalating Russia-Ukraine conflict boosts its safe-haven appeal, with traders also weighing the prospect of further easing by the Federal Reserve. Bullion rose 1.4% to $2,706.73 an ounce at 9:43 a.m. in London after Ukraine said Russia launched a "new" type of ballistic missile toward the city of Dnipro in a worrying signal to Kyiv's Western backers. Rising geopolitical tensions tend to drive investors into safe-haven assets, such as bullion. "The counter-escalation between Russia and Ukraine has raised the...
The euro headed for its seventh weekly decline in eight as PMI data out of the euro area's two largest economies increased the chances of a big interest-rate cut by the European Central Bank next month. EUR/USD dives by 1.3% to 1.0335, lowest since Nov. 2022, before paring losses; huge stop entries went through on the breaks of 1.0440, 1.0400 and 1.0350 as digital options exposure kicks in, Europe-based traders say. Euro heads for its worst three-day decline since Sept. 2022; there's no strong technical support until Fibonacci level of $1.0201. Euro-area business...
Gold futures rise, on track for one of its strongest weekly gains in years. Futures are up 1.1% at $2,704.20 a troy ounce, and are up 5.2% on-week. The precious metal has recovered more than half its losses since a fresh record at the end of October was swiftly followed by a sharp sell-off. Given the threat of an escalation in the war in Ukraine, its gains reflect safe-haven demand, Commerzbank analysts say in a note. This has been demonstrated by significant inflows into gold ETFs in recent days, they say. According to the latest Swiss gold exports for October, demand for the precious...