Gold Surges Past $2,700 Amid Safe-Haven Demand
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Global gold prices have rallied for the fifth consecutive session, surging by over $170 this week alone, driven by strong safe-haven demand.
By the close of trading on November 22, spot gold soared by $47, settling at $2,716/ounce. This marks the first time in two weeks that gold has climbed above the critical $2,700 level, as safe-haven flows outweighed the pressures of a strong US Dollar and the fading prospects of a Federal Reserve rate cut.
“Geopolitical tensions between Russia and Ukraine seem to be escalating into a Russia-U.S. confrontation. This development is undoubtedly fueling short-term demand for safe-haven assets,” analysts noted.
With mounting uncertainties on the global stage, gold continues to reaffirm its status as a reliable hedge against volatility, making it the standout asset of the week. As investors flock to safety, will gold sustain this momentum and head for new heights? Only time will tell.
By the close of trading on November 22, spot gold soared by $47, settling at $2,716/ounce. This marks the first time in two weeks that gold has climbed above the critical $2,700 level, as safe-haven flows outweighed the pressures of a strong US Dollar and the fading prospects of a Federal Reserve rate cut.
“Geopolitical tensions between Russia and Ukraine seem to be escalating into a Russia-U.S. confrontation. This development is undoubtedly fueling short-term demand for safe-haven assets,” analysts noted.
With mounting uncertainties on the global stage, gold continues to reaffirm its status as a reliable hedge against volatility, making it the standout asset of the week. As investors flock to safety, will gold sustain this momentum and head for new heights? Only time will tell.
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