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- Gold price rises due to increasing demand for safe-haven assets
Gold price rises due to increasing demand for safe-haven assets
Gold price climbed due to increasing demand for safe-haven assets, driven by concerns over the situation in the Middle East. Turkey reported that it shot down the Russian jet near the Syria's border. The jet should have violated Turkish airspace.
Market participants eyed the U.S. economic data. The U.S. Commerce Department released gross domestic product (GDP) figures on Tuesday. The U.S. revised GDP climbed 2.1% in the third quarter, exceeding expectations for a 2.0% increase, up from the preliminary estimate of a 1.5% rise.
The upward revision was partly driven by an upward revision to business spending on equipment and investment in home building.
The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index dropped to 90.4 in November from 99.1 in October, missing expectations for a rise to 99.5. October's figure was revised up from 97.6.
The decline was mainly driven by a less favourable assessment of the job market.
December futures for gold on the COMEX today rose to 1080.70 dollars per ounce.
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