Gold futures surged to a one-week high of around $2,630 per ounce as geopolitical tensions, including Russia’s revised nuclear doctrine and Ukraine’s use of long-range U.S. missiles, drove demand for the safe-haven asset. The metal, seen as a hedge during uncertainty, has gained 27% year-to-date, outperforming the S&P 500’s 23% rise.
Analysts, including those at Goldman Sachs, recommend investing in gold as central banks continue to increase their reserves, with Goldman setting a $3,000 target by 2025. The Federal Reserve’s shift toward lower interest rates has also boosted gold’s appeal, despite recent strengthening of the U.S. dollar.
Gold jumps to 1-week high as Russia-Ukraine war escalates
Nov 19, 2024
Article from Yahoo Finance by Ines Ferré
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