Gold prices extended gains for the fourth day, reaching $2,660 amid geopolitical tensions and inflation concerns.

Gold gains for fourth day; Russia-Ukraine in spotlight

Gold prices lifted during Thursday's Asian trade, marking a fourth consecutive day of gains driven primarily by escalating geopolitical tensions amid the ongoing Russia-Ukraine conflict.&nbsp;&nbsp;By 3:15 pm AEDT (4:15 am GMT) spot gold added $6.7 or 0.3% to US$2,657.17 per ounce.&nbsp;Investors have turned to gold, a traditional safe-haven asset, amid heightened uncertainty, further bolstering its appeal following a recent two-month low.&nbsp;Geopolitical tensions continued to simmer following Russian President Vladimir Putin move to <a href="https://azzet.com/news/ukraine-s-atacms-strikes-signal-new-phase-of-conflict">lower the threshold</a> for nuclear strikes.&nbsp;Meanwhile, elevated U.S. Treasury bond yields have supported the U.S. dollar, which remains near yearly highs. This strength in the dollar, along with positive sentiment in equity markets, could limit further gains in gold prices in the short term.&nbsp;Comments from several Fed officials, including Lisa Cook, Michelle Bowman, and Susan Collins, suggest caution in further easing monetary policy due to stagnant progress on inflation reduction.&nbsp;These remarks have contributed to maintaining high bond yields, which exert pressure on the non-yielding gold market.&nbsp;Markets are currently pricing in a 52% chance of a 25 basis-point cut from U.S. Federal Reserve officials at their next meeting, down from about 83% seen a week ago.&nbsp;&nbsp;Looking ahead, traders will monitor the U.S. economic docket on Thursday, which includes weekly jobless claims, the Philly Fed Manufacturing Index, and existing home sales data.&nbsp;&nbsp;Additionally, speeches from Federal Reserve policymakers are expected to provide further insight into the central bank's approach to interest rate adjustments.

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Gold gains for fourth day; Russia-Ukraine in spotlight | Azzet™ - Where decisions are made