US gold futures for December delivery rose $96.74, or 2.4%, to $4,162.14 an ounce on New York’s Comex by 12:00 pm US Eastern Time (16:00 GMT) on Thursday.
The spot price of gold, which reflects global trades in gold bullion, meanwhile, gained $42.04, or 1%, to stand at $4,140.62 an ounce.
Both Comex and spot gold rallied for nine straight weeks until last week, with futures hitting a record high of $4,398 and bullion $4,381.60.
Toward the end of that rally though, profit taking began to sap at the highs in gold, introducing a late October downdraft that took prices down as much as 5% on Tuesday — their most in a day since August 2020.
But the new sanctions against Rosneft and Lukoil, announced by the US Treasury Department on Wednesday, appears to have opened a new path for gold to resume its trek higher. Oil prices jumped 5% on the news.