Gold Price News: Slightly higher at USD 2,633, first ATACMS missiles on Russia and new nuclear doctrine

The price of gold has risen slightly compared to yesterday and is holding steady today at around USD 2,633 per troy ounce. Investors are showing restraint as the effects of recent developments - from political changes in the USA to the escalation of the Ukraine conflict - are still unclear. This wait-and-see attitude reflects the current uncertainty on the markets. At the same time, gold remains in demand as a safe investment and is holding its own against fluctuations in other markets.

According to the Russian Ministry of Defense, Ukraine has used US ATACMS missiles to attack Russian territory for the first time. The target was a military facility in the Bryansk region, which was fired at with six ballistic missiles. According to Moscow, five of the missiles were intercepted and another was damaged. Debris caused a fire at the site. There were no casualties or major damage. This development follows US President Joe Biden's decision to allow Ukraine to deploy ATACMS missiles on Russian soil. The Kremlin sees this as an escalation and is threatening retaliatory measures.

On the 1,000th day of the war in Ukraine, President Vladimir Putin signed a renewed nuclear weapons doctrine. This stipulates that Russia will consider nuclear retaliation in the event of a nuclear attack as well as conventional attacks on Russia or Belarus if these pose a critical threat to their sovereignty or territorial integrity. This adaptation is directed in particular against the military support of Ukraine by nuclear powers such as the USA, Great Britain and France.

On the occasion of the 1,000th anniversary of the war, Ukrainian President Volodymyr Zelensky appealed to Europe to take more decisive action against Russia. He emphasized that President Putin would not end the war against his country on his own initiative and that more time would mean worse conditions for Ukraine. Selensky called for tougher pressure on Russia and a fair and just end to the war. The European Parliament reaffirmed its support for Ukraine and emphasized that real peace can only be based on the principle of “nothing about Ukraine without Ukraine”.

Russian forces have reported that they have captured the Ukrainian village of Novoselydivka near the town of Kurakhove in the Donetsk Oblast. The Ukrainian government has not yet confirmed this information.

Positive economic data from the US, including rising retail sales and moderately falling inflation, continues to strengthen the US dollar. This makes gold more expensive for investors in other currencies and dampens demand. In addition, representatives of the Federal Reserve are signaling a continued restrictive course, which makes yieldless investments such as gold less attractive.

The gold price is holding steady above the support level of USD 2,600. A fall below this level could lead to a decline to USD 2,580. On the upside, the USD 2,620 area remains a resistance level that could trigger new buying. Technical indicators such as the Relative Strength Index (RSI) signal that the market has room to move in both directions.

The coming days are likely to be dominated by geopolitical developments and monetary policy signals. The escalation in the Ukraine conflict and tensions in the Middle East could support gold as a safe haven investment. At the same time, attention is turning to speeches by high-ranking representatives of the Federal Reserve, which could provide indications of future interest rate decisions. A strong dollar and restrictive monetary policy could weigh on the price of gold, while an easing of monetary policy could boost the precious metal. Investors should therefore expect high volatility.