Gold Price News: USD 2,710 reached - Geopolitical crises drive the markets

The price of gold has risen further today, reaching USD 2,706 per troy ounce. The precious metal is thus continuing its positive trend of recent days. It continues to be driven by geopolitical uncertainties and increasing volatility on the global markets. Analysts believe that the gold market will continue to be supported by the escalating conflicts in Ukraine and nuclear tensions between major powers. Technical indicators point to strong support at USD 2,670, while resistance at USD 2,730 marks the next target.

The Russian army says it has destroyed Kiev's “best units” in eastern Ukraine, “thwarting” Ukraine's 2025 campaign. Defense Minister Andrey Beloussov explained in a video that Russian troops were advancing faster and faster. This particularly concerns the strategically important regions around Pokrovsk, Kurakhove and Kupiansk. These areas are considered crucial for the supply of Ukrainian troops and their lines of defense.

At the same time, Ukraine is reporting heavy attacks on Sumy. During the night, two people were killed and twelve others injured in drone attacks on a residential area. The city administration reported heavy explosions that damaged several buildings.

Russian President Vladimir Putin has confirmed the use of the newly developed medium-range missile “Oreshnik” against Ukraine. The target of the attack was the city of Dnipro, where six warheads hit. According to Putin, the attack was a response to the use of Western long-range weapons by Ukraine. According to the US government, the deployment was primarily intended to intimidate and not for military purposes. However, the missile is not believed to have carried nuclear warheads.

NATO reacted immediately to the escalation: Secretary General Mark Rutte convened a special meeting of the NATO-Ukraine Council on November 26, 2024. The effects of the attack and measures to strengthen Ukraine's defense are to be discussed in Brussels.

The Pentagon is considering adjusting the US nuclear strategy in light of the worsening situation. Deputy Secretary of Defense Richard Johnson referred to the expanded nuclear capabilities of Russia and China and explained that “effective deterrence” may require a revision of the current strategy. The decision comes against the backdrop of Russia's recently tightened nuclear doctrine, which also allows the use of nuclear weapons against non-nuclear states supported by nuclear powers.

Former Ukrainian Prime Minister Arseniy Yatsenyuk expressed doubts that US President-elect Donald Trump would accept a defeat for Ukraine. Although Trump is unpredictable, a geopolitical defeat of Ukraine would undermine the leadership role of the USA. At the same time, however, Yatsenyuk sees opportunities for Ukraine to win Trump over to its side through economic deals such as the purchase of American armaments.

Meanwhile, the nomination of Trump's former lawyer Pam Bondi as the new Attorney General is causing a stir. Bondi is considered a close confidante of Trump and is expected to reform the Department of Justice. The decision follows the withdrawal of controversial congressman Matt Gaetz, who was originally intended for the post.

The American investor Stephen Lynch is planning to purchase the decommissioned Nord Stream 2 gas pipeline, which he sees as a strategic opportunity to strengthen his control over Europe's energy supply and exert pressure on Russia. However, the purchase requires approval from Washington, as the pipeline is subject to US sanctions against Gazprom.

The gold price could continue its upward trend as geopolitical tensions and economic uncertainties continue to boost demand for safe-haven assets such as gold. Investors are keeping a close eye on developments in Ukraine, NATO's diplomatic response and potential changes to the US nuclear strategy. In the short term, the focus remains on the USD 2,730 mark, while the markets are also likely to react to new economic data from the US and Europe.