Arab Finance: Global gold prices extended gains for a third consecutive day, driven by heightened Russia-Ukraine war tensions and increased demand for safe-haven assets, Bloomberg reported.

Bullion traded above $2,640 per ounce on November 19th, following a 2% rally earlier this week.

The surge came after Russian President Vladimir Putin approved a revised nuclear doctrine that broadens the circumstances under which nuclear weapons could be used.

This followed Ukraine’s first attack on Russian territory using American missiles, escalating the ongoing conflict.

Investors often turn to gold during periods of geopolitical and economic instability, seeking its stability as a hedge.

In Egypt, the gold price per 21-karat gram was EGP 3,700 for selling, EGP 4,228.5 for selling 24-karat gram, and EGP 3,171.5 for selling 18-karat gram, according to iSagha.

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