Gold climbs for fourth day on pick up in safe-haven demand
Stocks muted after Nvidia's results, bitcoin eyes $100,000
Ukraine says Russia fired an intercontinental ballistic missile
Gold breaks above the 50-day moving average
Updates with U.S. jobless claims data
By Polina Devitt
LONDON, Nov 21 (Reuters) -Spot gold prices rose for the fourth consecutive day on Thursday, helped by safe-haven demand and subdued stock markets after AI bellwether Nvidia's revenue growth forecast failed to excite investors.
Spot gold XAU= was up 0.6% at $2,665.31 per ounce at 1356 GMT. Bullion is up 4% so far this week, heading for its first week of gains in four.
"The safe-haven pressure is coming more from falling stocks after Nvidia disappointed the Street than from Ukraine's fight against Russia," said Adrian Ash, head of research at online marketplace BullionVault.
Signs of rising geopolitical risks, which usually support demand for gold, increased after Ukraine fired U.S. and British missiles at targets inside Russia this week and said on Thursday that Russia fired an intercontinental ballistic missile in an attack on an Ukrainian city.
However, the impact is somewhat limited as Russia's invasion of Ukraine has been going on for more than 1,000 days, even though Russian President Vladimir Putin on Tuesday lowered the threshold for a nuclear strike.
"If gold prices jumped every time Putin rattled his nuclear arsenal at the West, we would have crossed $10,000 (per ounce) long ago, never mind the $3,000 level now forecast for 2025 by some Wall Street pundits," Ash said.
Spot gold prices hit a record high of $2,790.15 per troy ounce on Oct. 31 and then fell to a two-month low of $2,536.71 by mid-November, reacting to the Republicans' clean sweep in the U.S. Nov. 5 election.
The recovery since then was due to uncertainty over U.S. President-elect Donald Trump's cabinet, whether he would implement the policies he has proposed, and the country's interest rates outlook, with Thursday's data showing that U.S. jobless claims unexpectedly fell last week. USD/
On the technical front, the spot gold price broke above the 50-day moving average at $2,660.9 and now faces resistance from the 21-day moving average at $2,679.7.
Spot silver XAG= gained 0.5% to $31 per ounce, platinum XPT= fell 0.1% to $960.35 and palladium XPD= advanced 0.7% to $1,028.50.
Spot gold price in USD per oz https://reut.rs/3ZhcHLI
Reporting by Polina Devitt in London; Editing by Krishna Chandra Eluri and Mark Potter
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
