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Gold prices rose after Russia approved a revision to its nuclear doctrine the day before, increasing fears of nuclear war. However, this upward trend calmed down, and gold prices returned to around the 2020 level.
Later, during yesterday’s New York session, news broke that Ukraine fired a UK-made cruise missile (Storm Shadow) at Russia. This news caused risks to rise again, pushing gold prices up to around 2657. Gold prices remained high by the end of trading.
While the geopolitical risk may settle temporarily, the sense of unease is likely to linger for some time, keeping gold prices stable and firm.
Gold-Dollar Predicted Range: 2664 – 2633
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