Gold spike by 0.83%, rising geopolitical tensions

MG News | November 29, 2024 at 10:01 AM GMT+05:00

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November 29, 2024 (MLN): Gold prices experienced a prominent increase of 0.83% ($22.46) to $2,660.06 per ounce [9:55 am] from the prior day's close of $ 2,637.60 per ounce, supported by a softer US dollar and rising geopolitical tensions.

President Vladimir Putin warned of a potential new strike on Ukraine using a nuclear-capable ballistic missile, following Moscow's recent large-scale attack on critical energy infrastructure, as reported by TradingView.

However, Gold is set to decline by more than 2% for the week, as markets awaited further US data for additional insights into the Federal Reserve's monetary policy outlook.

Earlier this week, core Personal Consumption Expenditures (PCE) prices in October met expectations, keeping investors anticipating another Fed rate cut in December.

Yet, other data pointed to a resilient economy, reinforcing expectations that the Fed will adopt a cautious approach next year.

Over the month, gold is set to decline for the first time since June.

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KSE100	171,021.20 228.53M	-0.42% -718.25
ALLSHR	103,836.39 572.65M	-0.41% -422.85
KSE30	50,951.99 89.47M	-0.52% -264.77
KMI30	240,633.87 93.99M	-0.31% -756.80
KMIALLSHR	66,572.75 300.61M	-0.28% -185.59
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OGTi	33,702.25 6.35M	-0.61% -205.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	65,440.00	65,520.00 63,875.00	1225.00 1.91%
BRENT CRUDE	91.70	93.60 89.58	-5.08 -5.25%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	121.10	0.00 0.00	0.85 0.71%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	84.57	86.20 83.10	-4.74 -5.31%
SUGAR #11 WORLD	14.76	14.79 14.54	0.07 0.48%