AGE Daily Gold Update

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

11/20/2024: Gold rises for third day

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold rose another 0.9% to close at $2,650 despite rebounds in Treasury yields and the dollar as escalating tensions between Ukraine and Russia pushed investors into safe havens. Bullion’s third straight day of gains brought it o a one-week high. Silver slipped 1% to finish at $30.90 an ounce.

Geopolitical tension escalated this week after Ukraine fired long-range missiles into Russia for the first time, prompting Vladimir Putin to lower the threshold for Russia’s use of nuclear weapons. Gold is often bought as a hedge against global turmoil.

The dollar rebound from three lower sessions by adding 0.4% against major rivals on the combination of safe-haven inflows because of Russia and speculation that the Fed might be less inclined to keep lowering interest rates.

Upbeat recent US data and concerns that President-elect Trump’s protectionist economic policies may prove inflationary have caused Fed funds traders to lower their bets on a December rate cut to 63%, down from more than 80% a week ago.

Benchmark 10-year Treasury yields also reversed their recent slide, pushing back above 4.4%.

Platinum and palladium lost 1.4% and 1.5%, respectively.

At the New York spot close: gold gained $22.90 to $2,650; silver slipped 30 cents to $30.90; platinum shed $14 to $959.20; and palladium dropped $15.20 to $1,022 an ounce.