Precious metals regained momentum on Thursday after several days of losses, with gold prices rising over 1% as investors turned their attention to the intensifying geopolitical situation and renewed sanctions against Russia.
At 9:28 am ET, gold climbed 1.23% to $4,148.74 per ounce, while silver advanced 1.73% to $49.35 per ounce. The gains were driven by renewed safe-haven demand amid global uncertainty, as the United States and Europe rolled out additional sanctions on Russia following its latest military actions in Ukraine.
Further fueling market caution, US President Donald Trump issued a warning to Israel, suggesting the country could risk losing Washington’s support if it proceeds with annexing the West Bank.
Meanwhile, other precious metals followed suit — platinum surged 3.98% to $1,660.33 per ounce, and palladium rose 2.02% to $1,451.57 per ounce by 9:30 am ET, marking a broad recovery across the metal complex.
Analysts noted that continued geopolitical tension and uncertainty in global trade could sustain safe-haven demand in the near term.
