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Russian-Ukrainian Conflict Boosts Demand for Gold
Gold, often considered a safe-haven investment during times of economic and geopolitical instability, experienced its largest weekly drop in over three years last week. This was due to concerns that President-elect Trump’s proposed tariffs could lead to inflation, which might prompt the Federal Reserve to slow its pace of rate cuts. However, on Monday, gold gained 1.97%, closing at $2,612 per ounce, thus ending a six-day losing streak.
(XAUUSD Daily Price Chart, Source: Trading View)
One key factor driving this movement is President Biden’s announcement of long-range missiles to Ukraine, which would allow deeper strikes into Russian territory. This development has spurred increased demand for gold as a safe-haven asset.
Though President-elect Trump has not yet confirmed whether he will continue Biden’s policy, some of his closest allies have already voiced opposition. Notably, Vice President-elect JD Vance and other top officials have argued that the U.S. should stop providing military aid to Ukraine.
Additionally, the Federal Reserve is widely expected to implement a third rate cut in December. However, recent data suggests that progress in reducing inflation to the 2% target has stalled. This week, at least seven Federal Reserve officials are scheduled to speak, potentially offering further insight into future monetary policy.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
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