background image

Gold and silver rally on rising US-Russia tensions

Picture of Ole Hansen
Ole Hansen

Head of Commodity Strategy

Gold and silver prices continue to recover, with gains in both supported until yesterday by a fading dollar rally and, now, by worsening US–Russia relations after President Biden approved Ukraine's use of long-range missiles against Russia. This culminated this morning when the Kremlin stated, “Any aggression against Russia by a non-nuclear state with participation of a nuclear state will be considered a joint attack.” Shortly after, one newswire reported that Ukraine had made its first ATACMS strike inside Russia, resulting in fresh demand for safe havens such as precious metals, as well as the yen, Swiss francs, and short-duration government bonds.

19olh_gc1
Spot Gold - Source: Saxo
19olh_gc2
Spot Silver - Source: Saxo

Longer update to follow


Recent commodity articles:

18 Nov 2024: COT: Limited dollar demand despite strength; Acclerated metals selling 
11 Nov 2024: COT: Speculators bought energy and grains, sold gold ahead of elections
8 Nov 2024: Commodity weekly: Mixed response to Trump 2.0
6 Nov 2024: 
Podcast: US election and the market reactions, including commodities
6 Nov 2024: 
Trump and Republican victories spark commodity decline
4 Nov 2024: 
COT: Speculators flock to dollars, exit commodities ahead of US election
1 Nov 2024: 
Commodity weekly: Some weakness seen ahead of critical week
31 Oct 2024: 
Crude prices seek stability ahead of key support and US elections
30 Oct 2024: 
Will the US election result spark a gold correction?
29 Oct 2024: 
Podcast: Electrification's surge impact on commodities and equities
28 Oct 2024: 
COT: Crude length cut; silver and platinum see strong demand
25 Oct 2024: 
Commodity weekly: Market jitters on the rise ahead of U.S. elections
23 Oct 2024: 
Crude prices stalled by two-sided market risks
22 Oct 2024: 
Gold and silver's remarkable run in four charts
22 Oct 2024: 
Podcast: The Trump trade enters the metal market
21 Oct 2024: 
COT: Dollar shorts squeezed; Shift in commodity exposure from energy to metals
18 Oct 2024: 
Commodity weekly: Gold's record-breaking run continues
17 Oct 2024: 
Copper prices decline amid doubts about China stimulus impact
16 Oct 2024: 
How high can gold and silver rally?
8 Oct 2024: 
Podcast: Navigating market shifts: Fed rate cuts, commodities and rising food prices
8 Oct 2024: 
Video: These commodities might be impacted by the US election
7 Oct 2024: 
Crude oil surge caps strong four-week rally for commodities
7 Oct 2024: 
COT: Broad buying momentum persists, led by Brent, copper and grains
2 Oct 2024: 
Q3 2024 Commodity Outlook: Gold and silver continue to shine bright

Quarterly Outlook

01 /

  • Macro Outlook: The US rate cut cycle has begun

    Quarterly Outlook

    Macro Outlook: The US rate cut cycle has begun

    Peter Garnry

    Chief Investment Strategist

    The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c...
  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

  • Equity Outlook: Will lower rates lift all boats in equities?

    Quarterly Outlook

    Equity Outlook: Will lower rates lift all boats in equities?

    Peter Garnry

    Chief Investment Strategist

    After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto...
  • FX Outlook: USD in limbo amid political and policy jitters

    Quarterly Outlook

    FX Outlook: USD in limbo amid political and policy jitters

    Charu Chanana

    Chief Investment Strategist

    As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...
  • Commodity Outlook: Gold and silver continue to shine bright

    Quarterly Outlook

    Commodity Outlook: Gold and silver continue to shine bright

    Ole Hansen

    Head of Commodity Strategy

  • FX: Risk-on currencies to surge against havens

    Quarterly Outlook

    FX: Risk-on currencies to surge against havens

    Charu Chanana

    Chief Investment Strategist

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo...
  • Equities: Are we blowing bubbles again

    Quarterly Outlook

    Equities: Are we blowing bubbles again

    Peter Garnry

    Chief Investment Strategist

    Explore key trends and opportunities in European equities and electrification theme as market dynami...
  • Macro: Sandcastle economics

    Quarterly Outlook

    Macro: Sandcastle economics

    Peter Garnry

    Chief Investment Strategist

    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
  • Bonds: What to do until inflation stabilises

    Quarterly Outlook

    Bonds: What to do until inflation stabilises

    Althea Spinozzi

    Head of Fixed Income Strategy

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
  • Commodities: Energy and grains in focus as metals pause

    Quarterly Outlook

    Commodities: Energy and grains in focus as metals pause

    Ole Hansen

    Head of Commodity Strategy

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.