Gold climbs to over 1-week high on safe-haven demand
Nvidia's revenue forecast disappoints investors
Bullion up 4% so far this week
Fed to cut rates in Dec, smaller reductions in 2025 - poll
Updates for market close
By Sherin Elizabeth Varghese
Nov 21 (Reuters) -Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week high as safe-haven demand soared following AI bellwether Nvidia's lackluster revenue forecast and intensifying Russia-Ukraine tensions.
Spot gold XAU= was up 0.8% at $2,670.49 per ounce by 01:48 p.m. EST (1848 GMT), while U.S. gold futures GCv1 settled 0.9% higher at $2,674.90.
"It's really one main geopolitical factor that's at play here in the gold market over the course of the last several days - the increased tensions between Ukraine and Russia is probably most notable," said David Meger, director of metals trading at High Ridge Futures.
Investors flock to safe-haven assets during global crises, and gold has soared to multiple record highs since the Middle East conflict erupted in October last year.
With the United States vetoing a U.N. ceasefire resolution in Gaza and renewed Russia-Ukraine tensions, geopolitical risk premiums remain elevated, ensuring gold's enduring appeal.
The move to the downside in equities after Nvidia's earnings has certainly supported precious metals from a safe-haven perspective, Meger added.
Global stocks eased after AI bellwether Nvidia's revenue growth forecast failed to excite investors. MKTS/GLOB
Spot gold prices are up 4% so far this week, their best performance since April, recovering from last week's sharpest weekly drop in over three years. The decline in bullion was driven by a soaring dollar, boosted by "Trump Trade" euphoria. USD/
"Bulls’ next upside (gold) price objective is to produce a close above solid resistance at $2,700.00," Jim Wyckoff, a senior market analyst at Kitco Metals, said in a note.
Brokerages expect President-elect Trump's proposed tariffs to spur global market volatility and inflation, limiting central banks' ability to ease monetary policy.
Meanwhile, a Reuters poll shows most economists anticipate a Federal Reserve rate cut in December, with smaller reductions projected for 2025.
Investor focus is also on several Fed officials scheduled to speak this week. Expectations for a December rate cut have diminished notably, with the likelihood now at 56%, a sharp drop from 82.5% just a week earlier. FEDWATCH
Spot silver XAG= edged 0.1% lower to $30.85 per ounce, platinum XPT= gained 0.5% t0 $965.75 and palladium XPD= advanced 1.5% to $1,036.13.
Spot gold price in USD per oz https://reut.rs/40Xcqio
Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Maju Samuel, Krishna Chandra Eluri and Mohammed Safi Shamsi
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