Gold extends gains on Russia-Ukraine jitters

Gold prices inched higher on Thursday for a fourth consecutive session, supported by safe-haven demand amid the intensifying Russia-Ukraine war, while investors looked for further clarity on the U.S. interest rate outlook.

FUNDAMENTALS

* Spot gold was up 0.2% at $2,654.50 per ounce, as of 0023 GMT.

* U.S. gold futures rose 0.2% to $2,657.10.

* Ukraine fired a volley of British Storm Shadow cruise missiles into Russia, the latest Western weapon it has been permitted to use on Russian targets a day after it fired U.S. ATACMS missiles. * Meanwhile, the United States vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, adding to the ongoing geopolitical tensions.
* Non-yielding assets like bullion thrive in a lower interest rate environment and during times of geopolitical uncertainties.
* Markets now see a 54% chance of a 25-basis-point rate cut in December, as per the CME Fedwatch tool.
* Two Federal Reserve governors offered contrasting perspectives on U.S. monetary policy: one raised concerns about stubborn inflation, while the other remained optimistic about continued progress in reducing price pressures.

* Traders will closely monitor initial jobless claims data, due at 1330 GMT, and remarks from several Fed officials later in the day.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.36% to 875.39 tonnes on Wednesday.

* Spot silver gained 0.4% to $30.99 per ounce, platinum steadied at $960.46 and palladium edged up 0.1% to $1,021.73. DATA/EVENTS (GMT) 0745 France Business Climate Mfg, Overall Nov 1330 US Initial Jobless Clm Weekly 1330 US Philly Fed Business Indx Nov 1500 EU Consumer Confid. Flash Nov 1500 US Existing Homes Sales Oct