Gold Price News: Stabilisation at USD 2,636 - Focus on global power shifts and new EU Commission

The price of gold remains virtually unchanged at USD 2,636 per troy ounce and has risen only slightly compared to the previous day's closing price. This stability signals that the markets are on a calm course despite geopolitical tensions and growing global uncertainties. Analysts are currently observing a wait-and-see attitude among investors, who are waiting for stronger impetus from political decisions or economic reports.

After months of blockades, the way is now clear: the European Parliament has given the green light for the new EU Commission under Ursula von der Leyen. This decision means that the team can start work on 1 December. The most pressing issues include the growing tensions with Russia, the economic weakness in Europe and the challenges facing the automotive industry.

In her speech, von der Leyen emphasised the need for increased defence spending and promised to boost the European economy through innovation and strategic dialogue. Nevertheless, the controversy surrounding right-wing members such as Raffaele Fitto, whose appointment was met with sharp criticism, remains. The coming weeks will show whether the Commission can achieve its ambitious goal of strengthening stability in Europe.

Donald Trump, the US President-elect, has appointed Keith Kellogg as special envoy for Ukraine and Russia. The experienced ex-general is to support Trump's declared goal of achieving ‘peace through strength’. The nomination suggests that Trump may be focussing on diplomatic solutions in the Ukraine-Russia conflict - although it remains unclear how his rejection of further financial aid for Kiev fits into this strategy.

Denmark, Sweden and other northern European countries have announced plans to increase their support for Ukraine. The aim is to accelerate defence production and the delivery of drones. These measures are intended to better protect Ukraine against Russian attacks and strengthen its defence capabilities. At the same time, there is growing pressure on other European countries to become more involved in these endeavours.

Moscow has expelled two ARD journalists, signalling that it is also escalating tensions with Western countries at the media level. The measure follows accusations against Germany of unlawful treatment of Russian journalists - accusations that Berlin categorically rejects. In addition, Polish authorities report the arrest of a German who is alleged to have illegally delivered military equipment to Russia. This shows how intensely the war is also indirectly affecting European countries.

The Russian economy is under considerable pressure. The rouble has reached a new low after the USA imposed sanctions against Gazprombank. This weakness of the rouble signals that the Western sanctions are increasingly having an effect, even if Moscow officially continues to demonstrate strength. The high key interest rate of 21% and persistently high inflation of 9.7% are exacerbating the situation.

The ceasefire between Israel and Hezbollah is bringing relief to Lebanon for the time being. However, the announcements by those returning to their homes could be premature in view of the uncertainties on the ground. Israel has warned that the south of Lebanon remains dangerous. At the same time, observers criticise Israel for deliberately escalating the conflict before accepting the ceasefire.

From a technical perspective, the gold price remains stable. The short-term indicators point to a neutral trend, with resistance at USD 2,650. Should the gold price break above this level, this could trigger a renewed upward trend. The price will find support at USD 2,620, although analysts point out that geopolitical news will be decisive for the short-term trend.

Despite the recent stability, gold remains a key topic for investors.The uncertainties caused by Trump's inauguration, the Russia-Ukraine war and the weakening European economy could continue to support the precious metal. However, analysts warn that a stabilised US dollar and declining inflation data in the US could weigh on the gold price in the short term. The market remains on tenterhooks - both investors and political observers are waiting for the next developments.