WASHINGTON (dpa-AFX) - Gold prices rebounded on Monday, after having posted losses in the previous six sessions.
Spot gold jumped 1.3 percent to $2,595.07 in European trade after suffering its biggest weekly decline in over three years last week on uncertainty surrounding future interest-rate cuts by the Federal Reserve. U.S. gold futures were up 1.1 percent at $2,598.75.
Today's gains were helped by a pause in the dollar's rally ahead of speeches from a slew of Federal Reserve officials this week.
Bullion also found support from geopolitical risks after fighting between Russia and Ukraine intensified over the weekend.
A 'massive' Russian missile and drone attack has targeted power infrastructure across Ukraine, the country's President Volodymyr Zelensky has said.
Meanwhile, U.S. President Joe Biden's decision to allow Ukraine to strike deep into Russian territory with long-range missiles supplied by the U.S. has sparked a furious response in Russia, with Russian senator Vladimir Dzhabarov calling it 'an unprecedented step towards World War Three'.
The change in stance follows Russia's deployment of North Korean ground troops to supplement its own forces, a development that has caused alarm in Washington and Kyiv.
The Russian president had said he would consider strikes by U.S.-made weapons on Russian soil as the direct involvement of Nato in the conflict.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
