BENGALURU: Gold prices rose on Thursday as geopolitical uncertainty and trade war concerns boosted safe-haven demand, with low trading volumes expected as US markets are closed for the Thanksgiving holiday.
Spot gold was up 0.4% to $2,645.41 per ounce at 1205 GMT. US gold futures were up 0.3% to $2,644.70. Bullion posted its deepest one-day decline in more than five months on Monday.
Geopolitical risks remain elevated with ongoing war in Russia-Ukraine, and while an Israel-Hezbollah ceasefire is in force, Israel’s contingencies for retaliation keep tensions alive, said Aneeka Gupta, director of macroeconomic research at WisdomTree.
US President-elect Donald Trump’s pledge to hit Canada and Mexico with tariffs was also having an effect, she added. “It did increase a bit of concern on the possible repercussions from these two countries. So that continues to remain an important support factor for gold.”
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