11:35 - 4.12.2024

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December 4, Fineko/abc.az. Gold continued to strengthen moderately on Wednesday amid political instability in South Korea and France, which is fueling demand for safe assets.

ABC.AZ reports that Bloomberg writes about this.

As of 10:02 a.m., the spot price was traded at nearly $2,650 per ounce, adding 0.25%. During the previous session, the quotes rose by 0.6% at the moment, but by the close they had lost most of the points, although they closed in the black. Futures at the time of writing settled at $2,672, strengthening within 0.2%.

South Korean President Yoon Suk Yeol unexpectedly declared martial law on Tuesday evening, but revoked the decree just a few hours later. In France, President Emmanuel Macron called on lawmakers to reject a vote that could lead to the fall of the government.

The precious metal has noticeably retreated from the record high reached in late October, when the dollar strengthened after Donald Trump's election victory and tensions in the Middle East eased. Nevertheless, since the beginning of the year, prices have been adding about 28%, having received support from the easing of the Fed's policy and purchases by central banks.

Silver rose 1.7% in the previous session, while platinum and palladium remained stable.