Gold spike by 0.83%, rising geopolitical tensions

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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