FMP
Nov 20, 2024 4:26 AM - Parth Sanghvi
Image credit: Zlaťáky.cz
Gold prices edged higher, fueled by escalating tensions between Russia and Ukraine. The renewed geopolitical risk has driven safe-haven demand for the yellow metal. Investors are increasingly hedging against potential market instability, with gold reaffirming its role as a crisis hedge.
The U.S. dollar softened against major currencies, making gold more attractive to international buyers. The weakening of the greenback is tied to recent dovish signals from the Federal Reserve, hinting at a slower pace of monetary tightening.
Gold is testing resistance near the $2,000 per ounce mark. A sustained breakout could signal further upward momentum, while support levels remain strong around $1,920.
Gold's recovery reflects a confluence of geopolitical and economic factors. With geopolitical risks and dollar fluctuations dominating sentiment, gold could remain a preferred asset for investors seeking stability in uncertain times.
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