During yesterday’s European trading session, reports stated that Russia approved changes to its nuclear doctrine, relaxing the conditions for using nuclear weapons. This caused a sharp increase in geopolitical risks, leading to strong buying of gold, a safe-haven asset. Gold rose to 2,639, but later, Russian Foreign Minister Lavrov calmed markets by saying, ‘It is Russia’s stance to avoid nuclear war.’ Following this, the price of gold dropped back to around 2,620.
However, with lingering fears in the market, gold gradually regained value and closed higher.
As the Trump administration prepares to take office, markets may remain unstable for some time, and gold is expected to stay strong.
Gold/Dollar Forecast Range: 2,638 – 2,600 (38.2%)
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