Gold Rises for Fourth Day on Safe-Haven Buying and Weaker Dollar
Gold traded higher for a fourth-straight session early on Thursday as the dollar weakened and Russia's war on Ukraine intensified.
Gold for February delivery was last seen up US$15.30 to US$2,690.90 per ounce.
Gold fell sharply following Donald Trump's win in the U.S. election, as the dollar surged. While the metal is not yet challenging the Oct.30 record high of US$2,800.80, it has recovered ground as international tensions rise.
Safe-haven buying is offering support for the precious metal after Ukraine on Tuesday made its first attack on Russian territory using foreign-supplied missiles. Earlier in the week, the Biden Administration had allowed their use to help repel the Russian army. Ukraine said Russia responded by launching an intercontinental ballistic missile at the city of Dnipro, though the use of the missile has yet to be confirmed, The Guardian reported.
"Gold has retraced half the recent 253-dollar correction ... as geopolitical concerns continue to feed fresh momentum," Saxo Bank noted.
The dollar moved lower early, with the ICE dollar index last seen down 0.08 points to 106.6.
Treasury yields were also lower, with the U.S. two-year note last seen paying 4.315%, down 1.6 basis points, while the yield on the 10-year note was down 1.0 points to 4.398%.
Source : MT Newswires
