Gold prices surge for due to rising demand for safe-haven assets amid Russia-Ukraine war
Date
11/21/2024 2:12:53 AM
(MENAFN) Gold prices increased on Thursday for the fourth consecutive session, supported by rising demand for safe-haven assets amid the intensifying Russia-Ukraine war. Investors are also waiting for signs regarding the Federal Reserve's interest rate decisions in the United States, further contributing to gold's appeal as a hedge against economic uncertainty.
Spot gold futures were up 0.3 percent at USD2,657.41 per ounce by 02:38 GMT, while US gold futures gained 0.3 percent as well, reaching USD2,660 per ounce. The market's focus remains on the ongoing geopolitical tensions, which have heightened demand for gold as a secure store of value.
On Wednesday, Ukraine launched a barrage of British Storm Shadow missiles at Russia, marking the latest use of Western weapons in the conflict. This came just a day after Ukraine fired US-made ATACMS missiles at Russian targets. These developments, along with the United States vetoing a UN Security Council resolution calling for a ceasefire in Gaza, have further escalated geopolitical risks, adding to gold's attraction.
In addition to gold, other precious metals also saw gains. Spot silver rose 0.8 percent to USD31.11 per ounce, while platinum increased by 0.4 percent to USD965.30 per ounce. Palladium also saw an uptick, rising 0.7 percent to USD1,027.84 per ounce, reflecting broader investor interest in precious metals amidst the heightened global tensions.
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