Gold is on track for its biggest weekly increase since October 2023, buoyed by a sharp rise in safe-haven demand following an escalation in the Russia-Ukraine conflict. As of Friday, midday in Toronto, spot gold had risen more than five per cent this week to top $2,700 an ounce, with year-to-date gains nearing 30 per cent.
The latest surge comes after Ukraine reported Russia’s use of a new type of ballistic missile in an attack on Dnipro, a development seen as a direct signal to Kyiv’s Western allies. Heightened geopolitical risks, particularly involving major powers or regions, often drive investors towards gold and other safety assets.
The broader geopolitical backdrop has provided fertile ground for gold’s rally this year. Alongside the Russia-Ukraine war, conflicts in the Middle East and rising global economic uncertainty have sustained interest in the metal as a store of value.
For the rest of this article: https://www.bnnbloomberg.ca/business/2024/11/22/gold-just-topped-2700-an-ounce-but-heres-why-that-price-could-double-over-the-next-half-decade/