Gold extended its recent rally above $2,660 per ounce on Thursday, marking its fourth consecutive gain as investors turned to the metal for safety amid growing geopolitical tensions, particularly between Russia and Ukraine.
Gold climbs for fourth straight run
On Wednesday, Ukraine used Western-supplied long-range weapons for the second time, just a day after President Putin approved an updated nuclear doctrine that expands the conditions for using nuclear weapons. Meanwhile, the U.S. vetoed a UN resolution calling for a Gaza ceasefire, reigniting concerns about the ongoing Middle East conflict.
Eyes on the Fed
On the monetary policy front, markets continued to assess the Federal Reserve's interest rate outlook, closely monitoring Fedspeak for fresh trading signals. A slight majority of market participants still expect a 25 basis point rate cut in December, which would reduce the opportunity cost of holding non-interest-bearing gold.
