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...
The U.S. dollar stood broadly firm on Thursday as traders awaited more clarity on U.S. President-elect Donald Trump's proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve. After stalling for three sessions, the greenback was back on the march higher, with investors lifting the dollar index measure against its key rivals closer to a one-year high of 107.07 hit last week. The dollar has rallied more than 2% since the Nov. 5 U.S. presidential election on bets Trump's policies could reignite inflation and temper the Fed's...
Gold futures rose on safe-haven demand. Gold futures were up 0.7% at $2,670.80 an ounce. Rising geopolitical tensions between Russia and Ukraine, exacerbated by Russia's latest nuclear threats, have prompted investors to seek stable assets like gold, said Antonio Di Giacomo of XS.com. However, gold's rally has not been as sharp as some traders had hoped, capped by the strength of the dollar, he said in a note. Since both are considered safe-haven assets, the strength of the dollar reduces the relative demand for gold. Expectations of new monetary policy decisions by major banks—including...
Oil prices rose on Thursday as geopolitical concerns over rising tensions between Russia and Ukraine outweighed the impact of a larger-than-expected build in US crude inventories. Brent crude futures rose 60 cents, or 0.82%, to $72.81 by 0734 GMT. US West Texas Intermediate crude rose 64 cents, or 0.93%, to $69.39. Ukraine fired a series of British Storm Shadow cruise missiles at Russia on Wednesday, the latest Western weapons authorized for use on Russian targets, a day after firing US ATACMS missiles. Moscow says using Western weapons to attack Russian territory far from its borders...
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...