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Gold rose for a fourth day as the US dollar weakened and rising tensions in the Russia-Ukraine war buoyed demand for haven assets.
Bullion climbed as much as 1,1 percent to trade near US$2 666 an ounce on Friday, after Russian President Vladimir Putin warned that his forces could strike “decision-making centers” in Kyiv with ballistic missiles.
Meanwhile, the dollar slipped against major currencies, with an index of greenback strength headed for its first weekly decline in two months.
That makes gold cheaper for many buyers.
Bullion is still down about 2 percent for the week amid signs of deescalating tensions in the Middle East, with a US-brokered cease-fire between Israel and Hezbollah beginning November 27.
Year to date, gold is up almost 30 percent, supported by the US Federal Reserve’s monetary easing cycle, central-bank purchases and heightened geopolitical and economic risks. Some analysts expect fresh records in 2025, with Goldman Sachs Group and UBS Group AG both issuing bullish outlooks this month.
Spot gold rose 0,9 percent to US$2 662.52 an ounce as of 10:24 a.m. in London. The Bloomberg Dollar Spot Index dipped 0,2 percent, and is down 1,1 percent this week. Silver, platinum and palladium rallied.
Swaps markets are pricing in a two-thirds chance that the Fed will reduce borrowing costs again next month, up from roughly even odds early this week. Lower borrowing costs typically benefit gold, as it doesn’t pay interest. -Bloomberg
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