Gold prices rose for the fourth straight session on Thursday, driven by safe-haven demand amid escalating tensions in the Russia-Ukraine conflict, while investors awaited remarks from Federal Reserve policymakers on the interest rate outlook.
Spot gold was up 0.3% at $2,657.41 per ounce, as of 0238 GMT, hitting its highest since Nov. 11.
U.S. gold futures rose 0.3% to $2,660.00.
Ukraine fired a series of British Storm Shadow cruise missiles into Russia on Wednesday, marking the latest use of Western weapons on Russian targets, just a day after firing U.S. missiles.
Meanwhile, the United States vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, adding to ongoing geopolitical tensions.
Gold's appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment.
The U.S. dollar dropped over 0.1% on Thursday, making gold more affordable for international buyers.
Meanwhile, investors will monitor remarks from several Fed officials later in the day, while keeping an eye on initial U.S. jobless claims data, due at 1330 GMT.
Markets see a 56% chance of a 25-basis-point U.S. rate cut in December, per the CME Fedwatch tool, opens new tab.
Source: Reuters
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