金价本周走强还受到美元下跌的推动，美元已经回吐了特朗普赢得总统大选后取得的部分强劲涨幅。Gold prices rose for two consecutive days due to rising Russia-Ukraine tension and rising demand for safe-haven assets.
The Zhitong Finance App learned that due to the escalating tension between Russia and Ukraine, the demand for safe-haven assets has risen, and the price of gold has risen for two consecutive days.
After rising more than 2% in the first two days of the week, the price of gold broke through $2,638 per ounce. On Tuesday, the price of gold rose along with US treasury bonds after Russian President Vladimir Putin approved an updated nuclear principle, expanded the conditions for the use of nuclear weapons, and Ukraine attacked Russia for the first time with an American missile. In times of geopolitical and economic uncertainty, investors often seek safe haven in gold.
The strengthening of the gold price this week was also driven by the fall in the US dollar, which has taken back some of the strong gains made by Trump after winning the presidential election.
Standard Chartered Bank analyst Suki Cooper said in a report: “Increased geopolitical risks, combined with widespread market uncertainty since the pandemic, and growing concerns about unknown risks have reignited interest in the gold market as a safe haven asset. But macro factors — including the dollar and expectations of interest rate cuts — may set the tone in the short term.”
Since this year, the price of gold has risen by more than 25%, mainly supported by central bank purchases, the Federal Reserve's shift to monetary easing policies, and geopolitical tension in Europe and the Middle East. Goldman Sachs said in a research report that it is expected that gold will expand its increase to 3,000 US dollars per ounce next year.
As of press time, spot gold had risen about 0.3% to $2639.78 an ounce. The Bloomberg Dollar Spot Index fell nearly 1% in the first three trading days and then fell 0.1%. Silver rose, palladium fell, and platinum stabilized.
