Gold prices inched higher on Thursday (Nov 21) for a fourth consecutive session, supported by safe-haven demand amid the intensifying Russia-Ukraine war, while investors looked for further clarity on the US interest rate outlook.
Spot gold was up 0.2 per cent at US$2,654.50 per ounce, as at 0023 GMT.
US gold futures rose 0.2 per cent to US$2,657.10.
Ukraine fired a volley of British Storm Shadow cruise missiles into Russia, the latest Western weapon it has been permitted to use on Russian targets a day after it fired US ATACMS missiles.
Meanwhile, the United States vetoed a UN Security Council resolution calling for a ceasefire in Gaza, adding to the ongoing geopolitical tensions.
Non-yielding assets such as bullion thrive in a lower interest rate environment and during times of geopolitical uncertainties.
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Markets now see a 54 per cent chance of a 25-basis-point rate cut in December, as per the CME Fedwatch tool.
Two Federal Reserve governors offered contrasting perspectives on US monetary policy – one raised concerns about stubborn inflation, while the other remained optimistic about continued progress in reducing price pressures.
Traders will closely monitor initial jobless claims data, due at 1330 GMT, and remarks from several Fed officials later in the day.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.36 per cent to 875.39 tonnes on Wednesday.
Spot silver gained 0.4 per cent to US$30.99 per ounce, platinum steadied at US$960.46 and palladium edged up 0.1 per cent to US$1,021.73. REUTERS
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