Nov 21 (Reuters) – Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week excessive as safe-haven demand soared following AI bellwether Nvidia’s lackluster income forecast and intensifying Russia-Ukraine tensions.
Spot gold was up 0.8% at $2,670.49 per ounce by 01:48 p.m. EST (1848 GMT), whereas U.S. gold futures settled 0.9% greater at $2,674.90.
“It is actually one important geopolitical issue that is at play right here within the gold market over the course of the final a number of days – the elevated tensions between Ukraine and Russia might be most notable,” mentioned David Meger, director of metals buying and selling at Excessive Ridge Futures.
Buyers flock to safe-haven belongings throughout world crises, and gold has soared to a number of document highs for the reason that Center East battle erupted in October final yr.
World shares eased after AI bellwether Nvidia’s income progress forecast didn’t excite traders.
Spot gold costs are up 4% to date this week, their finest efficiency since April, recovering from final week’s sharpest weekly drop in over three years. The decline in bullion was pushed by a hovering greenback, boosted by “Trump Commerce” euphoria.
“Bulls’ subsequent upside (gold) value goal is to provide an in depth above strong resistance at $2,700.00,” Jim Wyckoff, a senior market analyst at Kitco Metals, mentioned in a observe.
Investor focus can be on a number of Fed officers scheduled to talk this week. Expectations for a December fee lower have diminished notably, with the chance now at 56%, a pointy drop from 82.5% only a week earlier.
Spot silver edged 0.1% decrease to $30.85 per ounce, platinum gained 0.5% t0 $965.75 and palladium superior 1.5% to $1,036.13.
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Reporting by Sherin Elizabeth Varghese in Bengaluru; Enhancing by Maju Samuel, Krishna Chandra Eluri and Mohammed Safi Shamsi
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