Gold Futures Rise Amid Geopolitical Tensions and Dollar Strength
Gold futures climbed on safe-haven demand, gaining 0.7% to $2,670.80 per troy ounce.
Rising geopolitical tensions, particularly Russia's nuclear threats amid the ongoing conflict with Ukraine, have prompted investors to turn to stable assets like gold, noted Antonio Di Giacomo of XS.com.
However, the rally has been more subdued than some anticipated, tempered by the strength of the U.S. dollar. "As both gold and the dollar are considered safe havens, a strong dollar reduces gold's relative appeal," Di Giacomo explained in a note.
He added that upcoming monetary policy decisions by major central banks, including the Federal Reserve, are expected to shape the outlook for both the dollar and gold prices in the months ahead.
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