Spot gold rose 0.7% to $2,736.30 an ounce, after retreating from a record high of $2,758.37 reached on Wednesday. US gold futures gained 0.7%, to US$2,749.20.
The prices of gold rose on Thursday as it remained your demand in view of continued geopolitical riskswhile palladium rose 8% to a near 10-month high on fears of sanctions imposed on Russia, its main producer.
He spot gold rose 0.7% to US$2,736.30 an ounce, after falling from the all-time high of US$2,758.37 reached on Wednesday. US gold futures gained 0.7%, to US$2,749.20.
Strong demand for gold persists amid fears of global tension
“The fact that gold has bounced is a positive sign that confirms the strong mass interest that investors currently have in bullion”said Kinesis Money market analyst Carlo Alberto De Casa.
“We have the US elections in just 10 days, a very complicated geopolitical scenario. In this situation, investors are betting on gold,” he noted, adding that massive demand from central banks is supporting prices.
Gold, used as a safe store of value in times of uncertainty, reached multiple all-time highs and rose more than 33% so far this year. Expectations of further easing of monetary policy by major central banks also boosted the appeal of bullion, which offers no yield.
Other metals in the eye of the storm
Palladium rose 8% to US$1,143.47, its highest level since December 2023. The United States has asked Group of Seven allies to consider sanctions on Russian palladium and titanium, Bloomberg News reported.
“Considering that Russia accounts for around 40% of palladium mine supply, such a decision would strain the market and see prices rise sharply,” said UBS analyst Giovanni Staunovo. “With a large producer reducing production next year, we see the market between balanced and slightly undersupplied in 2025, with prices around $1,000 per ounce.”
Spot silver advanced 1.5% to US$34.23 after reaching its highest level since the end of 2012 on October 22. Platinum rose 2.1% to US$1,037.43.
Source: Ambito
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