Zhito Finance APP reported that the recent gold futures created the largest weekly gain since March 2023, ending three consecutive weeks of decline, due to heightened geopolitical concerns along with pressure on the stock market, which has made gold regain the focus of investors.

Recently, comex gold futures rose 1.4% on Friday, accumulating a rise of 5.6% this week, reaching $2709.90 per ounce, the highest closing price since November 5, and also the largest weekly percentage increase since the week of March 17, 2023.

Recently, comex silver futures rose 1.3% on Friday, accumulating a rise of 3.1% this week, reaching $31.309 per ounce, marking the best weekly performance in a month.

The escalating tensions have offset the effects of a strengthening dollar and cooling expectations for US interest rate cuts, at least for now.

Analysts at Germany's Commercial Bank stated that in light of the threat of escalating conflicts between Russia and Ukraine, the rise in gold prices reflects a market demand for safe haven assets, as evidenced by the significant inflow of funds into the gold etf in recent days.

Analysts added that based on the latest data on Swiss gold exports in October, demand for gold in asia is weak, but demand in western countries is picking up.

Basic metal prices have been performing poorly, with recent comex copper futures up 0.5% this week, reaching $4.074 per pound, but down 5.5% this month.

BMI analysts stated that the sector has been struggling after the US elections and the appreciation of the dollar.

BMI indicates that during Donald Trump's presidency in the usa, inflation may rise, while the likelihood of the Federal Reserve cutting interest rates decreases, which pushes the dollar up. The expectation of the dollar strengthening in the long term is a negative factor for basic metals.