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Gold climbs up for fourth day with raised safe-haven need

Spot gold price rose for the 4th consecutive day on Thursday, with safehaven need for the precious metal supported by worldwide stocks under pressure after AI bellwether Nvidia's income development projection stopped working to excite financiers.

Spot gold was up 0.7% at $2,669.30 per ounce by 1040 GMT.

This is a risk-off move. However the safe-haven pressure is coming more from falling stocks after Nvidia dissatisfied the Street than from Ukraine's fight versus Russia, stated Adrian Ash, head of research study at online marketplace BullionVault.

Signs of increasing geopolitical threats, which normally support demand for gold, increased after Ukraine fired a series of British Storm Shadow cruise rockets into Russia on Wednesday, just a day after firing U.S. missiles.

Nevertheless, the strength of these threats is limited as Russia's. intrusion of Ukraine has been going on for more than 1,000 days,. although Russian President Vladimir Putin on Tuesday reduced. the threshold for a nuclear strike in response to a more comprehensive. variety of traditional attacks.

If gold costs leapt each time Putin rattled his nuclear. arsenal at the West, we would have crossed $10,000 (per ounce). long back, never mind the $3,000 level now anticipate for 2025 by. some Wall Street pundits, Ash stated.

Spot gold costs hit a record high of $2,790.15 per troy. ounce on Oct. 31 and then fell to a two-month low of $2,536.71. by mid-November, responding to the Republicans' clean sweep in the. U.S. Nov. 5 election.

The gold's rate healing ever since has been supported by. the uncertainty of U.S. President-elect Donald Trump's cabinet. and applying suggested policies while traders await more clarity. on the country's interest rates outlook.

On the technical front, the spot gold price broke above the. 50-day moving average at $2,660.9 on Thursday and now faces. resistance from the 21-day moving average at $2,679.8.

Area silver got 0.6% to $31.05 per ounce, platinum. fell 0.3% to $958.65 and palladium advanced 0.2%. to $1,023.08.

(source: Reuters)