Gold prices tumbled below the $4,000-per-ounce mark on Friday, and crude prices fell as Russia escalated strikes on Ukraine’s energy grid, heightening geopolitical tensions.
Russia Attacks Ukraine’s Energy Infrastructure
The pullback comes amid fresh reports of a “massive” Russian assault on Ukraine’s power infrastructure, according to CNN. Ukrainian officials described the early Friday barrage as targeting energy generation and distribution facilities, a tactic reminiscent of previous winter campaigns aimed at depriving civilians of heat and electricity.
CNN reported that the strikes injured at least eight people in Kyiv, where parts of the capital lost power and faced water shortages.
President Volodymyr Zelenskyy noted over 1,550 strikes on energy assets in recent days across Chernihiv, Sumy, and Poltava regions, vowing robust aerial defenses: “They are being shot down. And they are being shot down hard.”
Energy And Safe Haven Assets Decline
The attack was followed by a 0.24% drop in gold prices to $3,966.57, down from an all-time high of $4,059.34 and within a day’s range of $3,994.25 to $3,999.47.
Crude oil benchmarks followed suit, with West Texas Intermediate (WTI) dropping 0.37% to $61.28 per barrel and Brent crude slipping 0.44% to $64.93, both for November and December contracts, respectively. Natural gas futures also declined 1.04% to $3.24 per million British thermal units.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., said that “We expect crude oil prices to remain volatile in today's session. Crude oil is having support at $60.60-60.00 and resistance is at $62.00-62.70 in today's session.”
According to Kalantri, “Gold has support at $3,940-3,910 while resistance at $4,020-4,045.”
See Also: Trump ‘Proud’ After Israel And Hamas Sign Off On Peace Plan: ‘Blessed Are The Peacemakers’
Russia-Ukraine Escalation Overshadows Israel-Hamas Peace Deal
This escalation overshadowed Thursday’s optimism, fueled by a U.S.-brokered Israel-Hamas truce.
President Donald Trump hailed the agreement—encompassing hostage releases and Israeli troop withdrawals—as a “historic” step toward regional peace, earning the White House praise as “The Peace President” and bipartisan applause from figures such as Sen. John Fetterman and Rep. Marjorie Taylor Greene.
The deal, mediated by Qatar, Egypt, and Turkey, had lifted gold above $4,000 as investors sought safe-haven assets amid de-escalation hopes, while easing Middle East supply fears buoyed crude prices.
Price Action
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and the Nasdaq 100 index, respectively, fell on Thursday. The SPY was down 0.29% at $671.16, while the QQQ declined 0.12% to $610.70, according to Benzinga Pro data.
The futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading higher on Friday.
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