{"id":15820,"date":"2024-11-21T05:37:26","date_gmt":"2024-11-21T05:37:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15820"},"modified":"2024-11-21T05:37:26","modified_gmt":"2024-11-21T05:37:26","slug":"gold-at-2-week-high-on-safe-haven-demand","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-at-2-week-high-on-safe-haven-demand\/","title":{"rendered":"Gold at 2-Week High on Safe-Haven Demand"},"content":{"rendered":"\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold closed at $2,657.24, with an intraday high of $2,660.41, its highest level since November 11.<\/li>\n\n\n\n<li>Positive momentum persists as geopolitical risks and dollar weakness lift safe-haven demand.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold prices extended their rally for the fourth consecutive session on Thursday, closing at $2,657.24 per ounce, just below the intraday high of $2,660.41.<\/p>\n\n\n\n<p>The ongoing conflict between Russia and Ukraine and broader global tensions have reinforced gold\u2019s safe-haven appeal, while a weaker U.S. dollar further supported demand.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold held a two-day climb, with rising demand for haven assets following an escalation of tensions in Russia\u2019s war against Ukraine <a href=\"https:\/\/t.co\/EoF8kEU0go\">https:\/\/t.co\/EoF8kEU0go<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1859035667805659138?ref_src=twsrc%5Etfw\">November 20, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Bullish Momentum Remains Intact<\/strong><\/h2>\n\n\n\n<p>From the chart, we see a steady uptrend, with a 0.30% gain during the session and prices consolidating near their recent highs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-36-1024x446.jpeg\" alt=\"\" class=\"wp-image-15821\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold climbs to $2,657.24, hitting a two-week high as safe-haven demand strengthens, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>Moving averages (5, 10, and 30) remain aligned upward, confirming sustained bullish sentiment. The MACD histogram shows strengthening momentum, with positive divergence signalling continued buying interest.<\/p>\n\n\n\n<p>The current consolidation phase suggests a potential breakout if tensions between Russia and Ukraine escalate further or economic data reinforces demand for safe-haven assets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Black Sea Fears<\/h2>\n\n\n\n<p>Safe-haven buying remains the primary driver of gold prices. Ukraine&#8217;s launch of British Storm Shadow missiles into Russian territory, following the <a href=\"https:\/\/t.co\/1gzR0HyMXE\">use of U.S. ATACMS missiles<\/a> has heightened fears of a broader conflict.<\/p>\n\n\n\n<p>Moscow has labelled the strikes as a significant escalation, raising concerns about <a href=\"https:\/\/t.co\/ddz88mMMkl\">potential retaliatory measures<\/a>.<\/p>\n\n\n\n<p>Further adding to tensions, the United States vetoed a United Nations Security Council resolution calling for a ceasefire in Gaza, underscoring global uncertainty and bolstering demand for safe-haven assets like gold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Dollar Weakness Supports Gold<\/h2>\n\n\n\n<p>A 0.1% <a href=\"https:\/\/t.co\/Ua11cafhbH\">decline in the U.S. dollar<\/a> provided additional support for gold, making it more attractive to international buyers.<\/p>\n\n\n\n<p>The market is now focused on upcoming remarks from Federal Reserve officials and the release of U.S. jobless claims data later in the day.<\/p>\n\n\n\n<p>Market expectations for a 25-basis-point Fed rate cut in December stand at 56%, according to the CME FedWatch tool.<\/p>\n\n\n\n<p><strong>See also: <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/analysis\/gold-rises-to-one-week-high-as-dollar-eases\/\">Gold Rises to One-Week High as Dollar Eases<\/a><\/strong><\/p>\n\n\n\n<p>While such a move could pose short-term headwinds for gold, the longer-term outlook remains bullish amid geopolitical uncertainties and economic risks.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a>\u00a0and\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a>\u00a0now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices rose to $2,657.24, extending gains for a fourth session, supported by geopolitical tensions and bullish momentum. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7,46],"class_list":["post-15820","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-precious-metals"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15820"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15820\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}