Gold $2,638.59 0.46%
Silver $31.13 0.67%
Platinum $933.23 1.35%
Palladium $967.81 1.85%
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Gold Rebounds as Geopolitical Uncertainties Fuel Demand

Posted on November 19, 2024
Writer: James Miller

Gold prices surged on Monday, increasing by 1.9% to $2,608.88 per ounce. Geopolitical tensions and a pause in the USD’s rise fueled demand for the high-demand asset after a week of losses.

This rebound is prompted by concerns that US President-elect Trump’s proposed tariffs might drive inflation higher, influencing the Federal Reserve’s monetary policy. The uncertainty regarding the ongoing Russia-Ukraine conflict also spurred safe-haven investments in gold, especially after President Biden’s announcement about supplying long-range missiles to Ukraine.

Looking ahead, the Federal Reserve is expected to announce a rate cut in December, although it faces challenges in reducing inflation to its target level. This week, investors will closely monitor remarks from at least seven Fed officials for further cues on the monetary policy direction.

In the metals market, silver also saw a significant increase, rising 3% to $31.13 per ounce. Platinum and palladium experienced gains as well, with prices climbing to $959.37 and $992.34 per ounce, respectively.


James Miller

James Miller is a Senior Content Writer at McGruff.com. He has a background in investing and has spent most of his career in the financial industry. He can trace his family tree back to the California Gold Rush when his ancestors risked it all to make it big in the west. He feels like he's following in their footsteps as he strives to make sense of today's gold market.

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