Gold surges on softer dollar, Russia-Ukraine tensions
Gold prices soared on Monday, after six days of losses, as the U.S. dollar's surge stalled and heightened uncertainty over the Russia-Ukraine conflict rekindled safe-haven demand.
Spot gold jumped 1.9% to $2,608.88 per ounce by 10:17 a.m. ET (1517 GMT), moving away from a two-month low on Thursday. U.S. gold futures climbed 1.7% to $2,613.40.
Gold, which is considered a safe investment during economic and geopolitical turmoil, posted its steepest weekly drop in more than three years last week as President-elect Trump's proposed tariffs are seen as potential drivers of inflation, which could prompt the Fed to slow its rate-cutting pace.
The U.S. central bank is widely expected to deliver a third rate cut in December, although recent data showed progress in bringing inflation back to its 2% target has stalled. At least seven Fed officials are scheduled to speak this week.
Higher interest rates, which make non-yielding assets like gold less appealing, could further pressure the metal.
Spot silver rose 3% to $31.13 per ounce, platinum added 2.2% at $959.37 and palladium climbed 4.4% to $992.34.
Source : Reuters
