Felix Njini, Ranjeetha Pakiam and Andrea BossiGold extended gains as geopolitical tensions between the US and China intensified, boosting haven demand.
Gold rose even after Federal Reserve officials pledged the central bank would continue an aggressive fight to cool soaring inflation. The Bloomberg Dollar Spot Index extended a dip in the red after slipping earlier on Thursday. China fired 11 Donfeng ballistic missiles into waters surrounding Taiwan in the biggest test in decades.
Investor sentiment toward bullion may be turning after a selloff in July, according to Rhona O’Connell, an analyst at StoneX. Still, recent price moves “aren’t much more than a correction from the recent falls,” she said.
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