The market value of the United States’ vast gold reserves topped $1 trillion mark for the first time on Monday. This comes as the gold price is experiencing a powerful rally, nearing $3,840 per ounce.
At the time of writing, spot gold prices rose 1.2% to $3,805.43 per ounce, while U.S. gold futures also hit a fresh high of $3,839.70 per ounce at the time of writing.
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The situation remains fluid and the United Nations Security Council is set to discuss the developments and implications for regional stability on Monday afternoon. Financial markets are reacting to the increased uncertainty in the region, as well.
Gold regained its luster this week, driven by safe-haven demand amid an escalation in the conflict between Russia and Ukraine. The bullion is on track to post its best week in a year, rising 5% so far. Here is a look at ETFs that may benefit.
Additionally, geopolitical risks, particularly concerning Iran, could influence oil supply due to potential increased U.S. support for Israel and stricter sanctions enforcement.
Even after the U.S. headline and core consumer price inflation rose in the month of October, the Gold spot (NASDAQ:XAU) prices fell to a two-month low and have been hovering in the same range. Key ETFs that track gold, have also taken a beating.
