Gold prices rose in Asian trading on Thursday, buoyed by a weakening U.S. dollar amid optimism surrounding potential peace talks between Russia and Ukraine. The dollar’s decline was further influenced by U.S. President Donald Trump’s announcement that both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him.
The softer dollar made gold more attractive to investors holding other currencies, contributing to the metal’s price increase. This movement occurred despite higher-than-expected U.S. consumer price index data for January, which typically would support the dollar.
Meanwhile, both China and Russia are facing unprecedented demand. Chinese banks are running out of gold, while Russia’s commercial and sovereign reserves are rapidly being depleted as the two BRICS nations face sky-high domestic buying surges even as prices set new records.
According to local news agency Yicai, the app of Industrial and Commercial Bank of China shows 5, 20, 50, 100, and 200-gram gold bars are out of stock, with only the 10-gram option showing limited availability.
Analysts noted that the anticipation of a resolution to the Russia-Ukraine conflict has improved risk appetite, leading to a shift towards assets like gold. Additionally, the prospect of easing geopolitical tensions has influenced other markets, including oil, which saw price declines as traders considered the potential for increased Russian oil supply if sanctions are lifted.
Overall, the interplay between geopolitical developments and economic indicators continues to shape market dynamics, with investors closely monitoring the situation for further cues. Long-term, gold and silver are considered to be hedges against geopolitical turmoil on the horizon. In the short-term, investors are scrambling to get as much as possible before prices hit key thresholds; $3,000 gold could come this month.
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