Gold recovers half of losses following US presidential election

Gold prices rose about half a percent on Thursday morning amid growing investor concern over heightened tensions in Eastern Europe.

Ukrainian officials told ABC News that Russia fired a single intercontinental ballistic missile (ICBM) toward southeastern Ukraine on Thursday, just days after the U.S. announced it would allow Ukraine to use American-made missiles to attack Russian territory. .

ICBMs are widely known for their ability to carry nuclear warheads – although the one believed to have been used to attack Russia had a conventional warhead.

Gold continued its daily streak of higher prices in early trading on Thursday. (Source: TradingView)

Gold continued its daily streak of higher prices in early trading on Thursday. (Source: TradingView)

However, it is not immediately clear how credible the reports of the ICBM launch are, with Ukrainian officials telling ABC they are “95 percent” sure an ICBM was used, while US officials say it was instead a ballistic missile. intermediate radius.

Gold traded 0.5% higher on Thursday morning, up $13 an ounce at a spot price of $2,665. Silver traded flat on Thursday, hovering in the $30.85 an ounce range.

Saxo Bank Head of Commodity Strategy Ole Hansen noted silver’s sluggish response to geopolitical tensions in a note published on Thursday.

“Silver’s sluggish recovery so far highlights this concern as the main driver, with limited support from industrial metals, which continue to be weighed down by the tariff threat to demand,” he wrote. “Gold has retraced half of the recent $253 correction, touching the 50-DMA at $2,661 as geopolitical concerns continue to fuel fresh momentum.”

Saxo Bank’s Head of Commodity Strategy Ole Hansen says gold has quickly clawed back half of its early November losses.

This chart from Saxo Bank’s Head of Commodity Strategy, Ole Hansen, shows that gold has quickly clawed back half of its early November losses. (Source: @Ole_S_Hansen on X)

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