Gold gains for fourth day as geopolitical tensions escalate
Updates prices as of 0745 GMT
Ukraine fired a series of cruise missiles into Russia
Bullion up for fourth straight session so far
Long-term outlook for gold remains bullish - analyst
By Daksh Grover
Nov 21 (Reuters) -Gold prices rose for a fourth straight session on Thursday, driven by safe-haven demand amid escalating tensions between Ukraine and Russia, while investors awaited remarks from U.S. Federal Reserve policymakers for clues on the interest rate outlook.
Spot gold XAU= was up 0.5% to $2,663.47 per ounce, as of 0745 GMT, while U.S. gold futures GCv1 rose 0.6% to $2,666.20.
The escalation in the Ukraine war and "subsequent fears of a broader regional conflict that involves increasing threats of nuclear weapons are pushing up prices", said Kyle Rodda, financial market analyst at Capital.com.
Ukraine fired a series of British Storm Shadow cruise missiles into Russia on Wednesday, just a day after firing U.S. missiles.
Adding to ongoing geopolitical tensions, the U.S. vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza.
Gold's appeal is bolstered by geopolitical tensions, economic risks and a low interest rate environment.
Meanwhile, the dollar .DXY paused its climb as traders sought clarity on Donald Trump's policies and the Fed's outlook. USD/
Investors will monitor remarks from several Fed officials later in the day, while keeping an eye on initial U.S. jobless claims data, due at 1330 GMT.
Two Fed governors offered contrasting perspectives on U.S. monetary policy on Wednesday, with one raising concerns about stubborn inflation, while the other remaining optimistic about continued progress in reducing price pressures.
Markets see a 52% chance of a 25 basis points rate cut in December, per the CME Fedwatch tool.
"There are still questions surrounding whether the Fed will cut in December or not, given signs of sticky prices, resilient demand and looser fiscal settings next year," Rodda said, adding that gold remains on a bullish trend in the longer term.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.36% to 875.39 metric tons on Wednesday. GOL/ETF
Spot silver XAG= gained 1.3% to $31.26 per ounce, platinum XPT= added 0.7% to $968.55 and palladium XPD= advanced 1.4% to $1,035.75.
Spot gold price in USD per oz https://reut.rs/4ft2b9T
Reporting by Daksh Grover in Bengaluru; Editing by Subhranshu Sahu, Sonia Cheema, Rashmi Aich and Varun H K
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