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On November 18, gold prices soared nearly $50, breaking a six-session losing streak as the U.S. dollar paused its rally and the Russia-Ukraine conflict intensified. Spot gold closed the session at $2,611 per ounce, recovering from a two-month low.
The sharp rise in gold was partly fueled by U.S. President Joe Biden's announcement allowing Ukraine to utilize long-range weapons supplied by the U.S. to target deep inside Russian territory. This escalation in geopolitical tensions has significantly boosted demand for gold as a safe-haven asset.
This recent rally underscores gold's resilience in times of heightened uncertainty, with investors flocking to the precious metal amid a volatile global landscape.
The sharp rise in gold was partly fueled by U.S. President Joe Biden's announcement allowing Ukraine to utilize long-range weapons supplied by the U.S. to target deep inside Russian territory. This escalation in geopolitical tensions has significantly boosted demand for gold as a safe-haven asset.
This recent rally underscores gold's resilience in times of heightened uncertainty, with investors flocking to the precious metal amid a volatile global landscape.
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