Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week high as safe-haven demand soared following AI bellwether Nvidia’s lackluster revenue forecast and intensifying Russia-Ukraine tensions.
Spot gold was up 0.6% at $2,666.00 per ounce by 10:27 a.m. EST (1527 GMT), while U.S. gold futures GCv1 rose 0.6% to $2,668.60.
“It’s really one main geopolitical factor that’s at play here in the gold market over the course of the last several days – the increased tensions between Ukraine and Russia is probably most notable,” said David Meger, director of metals trading at High Ridge Futures.
Investors flock to safe-haven assets during global crises, and gold has soared to multiple record highs since the Middle East conflict erupted in October last year.
With the United States vetoing a U.N. ceasefire resolution in Gaza and renewed Russia-Ukraine tensions, geopolitical risk premiums remain elevated, ensuring gold’s enduring appeal.
Gold Rates Today in Pakistan
The move to the downside in equities after Nvidia’s earnings has certainly supported precious metals from a safe-haven perspective, Meger added.
Global stocks eased after AI bellwether Nvidia’s revenue growth forecast failed to excite investors.
Spot gold prices are up 4% so far this week, their best performance since April, recovering from last week’s sharpest weekly drop in over three years. The decline in bullion was driven by a soaring dollar, boosted by “Trump Trade” euphoria.
Brokerages expect President-elect Trump’s proposed tariffs to spur global market volatility and inflation, limiting central banks’ ability to ease monetary policy.
Meanwhile, a Reuters poll shows most economists anticipate a Federal Reserve rate cut in December, with smaller reductions projected for 2025.
Investor focus is also on several Fed officials scheduled to speak this week. Expectations for a December rate cut have diminished notably, with the likelihood now at 56%, a sharp drop from 82.5% just a week earlier.
Spot silver was steady at $30.85 per ounce, platinum was unchanged at $961.30 and palladium advanced 1.5% to $1,036.50.
, while U.S. gold futures GCv1 rose 0.6% to $2,668.60){kind=link}