Gold prices moved about a half-percent higher Thursday morning amid a growing worry among investors about increased tensions in Eastern Europe.
Ukrainian officials told ABC News Russia launched a single intercontinental ballistic missile (ICBM) toward southeastern Ukraine on Thursday, just days after the U.S. announced it would be permitting Ukraine to use American-made missiles to attack Russian territory.
Intercontinental ballistic missiles are widely known for the capability to carry nuclear warheads — though the one believed to have been used to attack Russia carried a conventional warhead.
Gold continued its daily streak of higher prices in early Thursday trading. (Source: TradingView)
However, it’s not immediately clear how credible the reports of the ICBM launch are, with Ukrainian officials telling ABC they are “95%” sure an ICBM was used, while U.S. officials are claiming it was instead an intermediate-range ballistic missile.
Gold traded 0.5% higher Thursday morning, an increase of $13 an ounce at $2,665 spot price. Silver traded flat Thursday, hovering in the $30.85 an ounce range.
Saxo Bank Head of Commodity Strategy Ole Hansen noted silver’s sluggish response to the geopolitical tensions in a note released on X Thursday.
“Silver’s so-far sluggish recovery 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 the recent $253 correction, reaching its 50-DMA at $2,661 as geopolitical concerns continue to feed fresh momentum.”
This chart from Saxo Bank’s Head of Commodity Strategy Ole Hansen shows gold has quickly retraced half of its loses since early November. (Source: @Ole_S_Hansen on X)
Augusta Precious Metals(Full Review) $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco (Full Review) Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold (Full Review) Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
