By 12pm ET on Thursday, US gold futures for December delivery were up $96.74, or 2.4%, at $4,162.14 an ounce on Comex in New York.
Meanwhile, the spot gold price, which reflects global bullion trading, rose $42.04, or 1%, to $4,140.62 per ounce.
Comex and spot gold rose for nine consecutive weeks until last week, hitting record highs of $4,398 for futures and $4,381.60 for bullion.
However, towards the end of that bull market, profit-taking at gold’s highs began to slow, creating a downdraft in late October that saw prices fall by as much as 5% on Tuesday. This is the largest single-day decline since August 2020.
However, new sanctions on Rosneft and Lukoil announced by the US Treasury on Wednesday appear to have opened a new path for gold to resume its rally. Oil prices rose 5% on the news.
RHM/