Gold prices advance for the fourth day, surpassing the 50-day SMA of $2,660 amid global unrest.
Market reacts to reports of a potential ICBM launch by Russia.
US economic data hints at a strong jobs market.
Investors adjust expectations for the Fed's December meeting with a decreased likelihood of a rate cut to 56%.
Gold price extended its gains for the fourth consecutive day, clearing on its way to the 50-day Simple Moving Average (SMA) as the escalation of the Russia-Ukraine conflict augments demand for the safe-haven metal. The XAU/USD trades at $2,672 at around weekly highs, gaining over 0.80%.
Fears that Russia launched an Inter-Continental Ballistic Missile (ICBM) on Ukraine heightened tensions in Eastern Europe. However, according to Reuters citing a Western official, they did not use an ICBM on Thursday.
Consequently, the golden metal rose above the 50-day SMA, which is at $2,660, amid firm US Treasury yields and a bid US Dollar.
On the data front, last week's US Initial Jobless Claims hinted that the labor market remains strong, suggesting the Federal Reserve (Fed) could achieve a soft landing. Other data was not encouraging, like the Philadelphia Fed Manufacturing Index, which plunged to -5.5 in November, beneath October’s 10.3 reading.
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