AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

11/19/2024: Gold rises on Russia tension

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose 0.6% to close above $2,627 as heightened tension in the Russia-Ukraine conflict drove global demand for safe-haven assets. Bullion has gained nearly 2.5% in the past two sessions. Silver added 0.2% to finish at $31.21 an ounce.

Russian President Vladimir Putin signed a revised nuclear doctrine stating that any major ariel attack on Russia could result in the use of nuclear weapons. The shift comes after Ukraine fired US-made long-range missiles into Russia for the first time.

Benchmark 10-year Treasury yields pulled back under 4.4% as investors sought safety in government bonds. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds.

Safe-haven currencies like the Swiss franc, yen, and US dollar also saw inflows, with the buck rising around 0.1% against major rivals.

Despite last week’s election-induced selloff, gold remains supported by strong central bank buying, ongoing geopolitical volatility, and expanding deficits in the US and other major nations. Gold fell sharply last week after Donald Trump’s re-election fueled a massive rally in the dollar, pressuring alternative stores of value.

Platinum and palladium picked up 0.6% and 2.9%, respectively.

At the New York spot close: gold gained $16.50 to $2,627.10; silver added a nickel, to $31.21; platinum rose $5.40 to $974.50; and palladium advanced $29.10 to $1,037.30 an ounce.