Gold Hits Fresh Record Price as Trump Slams Ukraine Again
Thursday, 2/20/2025 15:37
GOLD PRICES fell hard from fresh all-time highs Thursday in London, dropping $30 per ounce inside 4 hours before rallying as global stock markets dropped for the 2nd day running amid US President Trump's latest break with America's military and political allies over Russia's continued invasion of Ukraine.
US envoys are refusing, says the
Financial Times, to call out Russia's "aggression" in a statement due from the G7 group of rich-world nations on Monday, the 3rd anniversary of what they last year agreed was Moscow's "illegal, unjustifiable, and unprovoked" war.
"A
Dictator without Elections, Zelenskyy better move fast or he is not going to have a Country left," the US leader said of the Ukrainian President on his Truthsocial platform overnight, doubling down on
Trump's attack on Ukraine the previous day.
"The only thing he was good at was playing [previous US President] Biden 'like a fiddle'."
"I cannot, I cannot sell our state," said Zelensky yesterday after rejecting what Trump's Treasury Secretary Scott Bessent called an "elegant" plan for peace based on Ukraine giving the USA rights to half its unmined rare minerals without gaining any security guarantees in return.
A UK proposal to put peacekeeping troops into Ukraine was meantime
slammed as "completely unacceptable" by Russia's foreign minister Sergei Lavrov.
The US stock market opened lower from Wednesday night's fresh record close in the S&P500 index, its 2nd new all-time high since Trump's inauguration on Monday 20 January.
Gold priced in the Dollar peaked above $2954 per Troy ounce in early London trade, slumping to $2925 before rallying $10.
Oil today rose for the 4th session in a row, with European benchmark Brent reaching 1-week highs above $76 per barrel.
Dutch TTF natural gas contracts also rose but held almost 20% below last week's spike to 10-month highs.
Gaining 1.5% since the eve of Trump's return to the White House, the S&P has now been out-run more than 4-fold by gold, which showed an 8.4% gain at Thursday afternoon's London benchmarking auction.
In the month since
Trump's inauguration, gold has now set 12 new all-time US Dollar highs.
That matches the surge of April last year and is the most in any 22 trading-day period since gold leapt to its global financial crisis peak of $1920 in August-September 2011.
New York's Comex gold futures contract – buoyed by the threat of Trump imposing universal trade tariffs on all US imports, potentially including bullion – today traded $15 per ounce higher than London bullion, continuing to suck in metal from other locations.
Silver bullion meantime rose and fell with gold, rallying back to $33 per Troy ounce as London trade drew to a close.
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