Gold price today: Gold rate in US hits new high. Here's why
Gold prices climbed for a second consecutive session on Tuesday, hitting a one-week high as mounting Russia-Ukraine tensions sparked a rush for safe-haven assets, while investors awaited key signals on the Federal Reserve's interest rate plans.
Spot gold rose 0.6 per cent to $2,628.76 per ounce by 01:42 p.m.(ET), hitting its highest level since November 11. U.S. gold futures settled 0.6 per cent higher at $2,631 per ounce. On Monday, gold jumped 2 per cent, marking its biggest one-day rise since mid-August and rebounding sharply from a two-month low hit last week, Reuters reported.
«We think that the overnight reports on Russia changing its nuclear doctrine following Ukraine's first long-range missile strike on Russian territory has led to some safe-haven flows in gold,» said Daniel Ghali, commodity strategist at TD Securities.
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«Barring another consolidation in prices, speculative investors just don't have enough dry powder in their war chest for gold to resume its upward trajectory at this juncture.»
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