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Gold Rallies to $2631 as Russia’s Nuclear Policy Stirs Market Unrest

Daniel Kim Views  

A 500g gold bar on display in Warsaw, Poland. / AP Newsis
A 500g gold bar on display in Warsaw, Poland. / AP Newsis

International gold prices climbed on Tuesday as geopolitical tensions intensified following Russia’s decision to lower its restrictions on nuclear weapon use.

The price of gold for December settled at $2631.00 per ounce, up $16.40 (0.6%) from the previous session on the New York Mercantile Exchange (NYMEX).

The price continued to rise from the previous day, breaking a seven-day losing streak.

Russia has amended its nuclear doctrine, now allowing for the use of nuclear weapons against non-nuclear states backed by nuclear powers. This move comes in response to the U.S. permitting the use of its long-range weapons against targets within Russian territory. As a result, investors have shifted their focus to safe-haven assets like gold.

The appeal of gold has been amplified by ongoing geopolitical tensions, prevailing low interest rates, and the economic uncertainties surrounding Donald Trump’s inauguration as the forty-seventh U.S. President.

Investors await the Federal Reserve’s upcoming interest rate decision next month. Market expectations currently indicate a 62% probability of a 0.25% point cut in the benchmark rate in December. With several Fed officials slated to speak this week, market participants hope to gain insights into the future trajectory of interest rates.

Daniel Kim
content@viewusglobal.com

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