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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Gold rallies on safe-haven demand, set for best week in nearly 2 years</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">The Russian-Ukraine crisis contributes to gains in the asset </p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Sat, Nov 23, 2024 · 06:03 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t 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text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Gold continues rising even as the US dollar hit a two-year high and bitcoin reached an all-time peak. PHOTO: REUTERS</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">GOLD prices breached the US$2,700 threshold for the first time in over two weeks on Friday (Nov 22), on track for their biggest weekly gain in nearly two years, as safe-haven demand outweighed dollar strength and lower expectations of a US rate cut next month.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Spot gold surged 1.5 per cent at US$2,709.24 per ounce by 1.51 pm eastern time (1851 GMT), marking its highest since Nov 6. US gold futures settled 1.4 per cent higher at US$2,712.20.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“The escalation in the Russia-Ukraine conflict seems like it’s expanding to a Russia-US war, and that’s definitely boosting short-term safe haven appeal,” said Alex Ebkarian, chief operating officer at Allegiance Gold.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Bullion has gained over 5.7 per cent this week, poised for its best weekly performance since March 2023, when a wave of banking crises roiled global markets and boosted demand for safer assets.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Gold’s surge this week has been propelled by the intensifying Russia-Ukraine crisis, lifting prices more than US$170 from last Thursday’s two-month low of US$2536.71.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Bullion tends to shine during periods of geopolitical tension, economic risks, and in a low interest rate environment.</p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:R5l5moodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rblmoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Gold’s rise continued on Friday even as the US dollar hit a two-year high and bitcoin reached an all-time peak.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Expectations for a December rate cut from the US Federal Reserve have diminished, with the likelihood now at 53 per cent, a sharp drop from 82.5 per cent just a week earlier.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Some Fed policymakers this week expressed concern that inflation progress may have stalled, advocating for caution, while others emphasised the need for continued rate cuts.</p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5383892" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/international/putin-hints-strikes-west-global-ukraine-war" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b6cd271812260303d07d418257fca9a755f76b017b2c2326202260a1024bdcfd?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b6cd271812260303d07d418257fca9a755f76b017b2c2326202260a1024bdcfd?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b6cd271812260303d07d418257fca9a755f76b017b2c2326202260a1024bdcfd?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/b6cd271812260303d07d418257fca9a755f76b017b2c2326202260a1024bdcfd?q=20&w=3&h=2&f=webp" loading="lazy" alt="In a defiant address to the nation, Russian president Vladimir Putin railed at Ukraine’s allies granting permission for Kyiv to use Western-supplied weapons to strike targets on Russian territory, warning of retaliation." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5383892"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Putin hints at strikes on West in ‘global’ Ukraine war" href="/international/putin-hints-strikes-west-global-ukraine-war" target="_blank">Putin hints at strikes on West in ‘global’ Ukraine war</a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">With ongoing policy shifts, and inflation risks from US President-elect Donald Trump’s proposed trade tariffs, gold’s outlook stays strong, with a test of US$2,750 expected by mid-December, Ebkarian said.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Spot silver rose 1.5 per cent to US$31.24 per ounce, palladium fell 1.4 per cent to US$1,015.00, while platinum gained 0.6 per cent to US$964.36. All three metals were on track for a weekly rise.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“In our view, the price of platinum in particular should rise significantly, as the market is likely to be in deficit for the third year in a row in 2025,” Commerzbank analysts noted. 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