I. Event Overview

On October 30, 2025, Russia launched a new round of attacks on Ukraine’s energy facilities, injuring 13 people in Zaporizhzhia and disrupting electricity supply for millions of Ukrainian residents. Russia has stepped up strikes on Ukraine’s energy infrastructure ahead of winter, causing nationwide power outages. The Ukrainian government stated that Russia’s attacks aim to create a "humanitarian disaster" and exacerbate livelihood hardships during the upcoming harsh winter. Meanwhile, the Ukrainian government is attempting to respond to the ongoing attacks and alleviate the energy crisis by imposing restrictions on energy facility supplies.

This incident has once again drawn global attention to the situation in Ukraine. In particular, Russia’s strategic strikes on infrastructure have expanded the impact of the conflict and may intensify volatility in the global energy market. As a result, demand for gold as a safe-haven asset is likely to rise, leading to a short-term increase in gold prices.

II. Reactions from All Parties

Ukrainian Government

Ukrainian Prime Minister Yulia Svyrydenko stated that Russia is attempting to create a humanitarian disaster ahead of winter, and the damage to energy supply has particularly heightened the survival pressure on domestic residents. Ukrainian Energy Minister Svitlana Hrynchuk added that the attacks have caused new damage to energy infrastructure and left millions of people temporarily without electricity.

III. Market Impact Analysis

1. Escalating Geopolitical Risks

Russia’s attacks on Ukraine’s energy facilities have further heightened geopolitical risks, especially the tension surrounding winter energy supply. As the situation intensifies, demand for gold as a safe-haven asset is likely to increase. Investors may boost their allocation to gold to cope with risks brought by global uncertainties.

2. Rising Gold Demand

With the further deterioration of the situation in Ukraine and increased global market uncertainty, demand for gold as a safe-haven tool will be further strengthened. The rise in gold prices reflects the market’s response to the current situation; particularly against the backdrop of the upcoming winter and disrupted energy supply, gold’s safe-haven attribute has become more prominent.

IV. Technical Analysis

As of October 30, 2025, the spot gold price was quoted at $3,973.09 per ounce, an increase of $42.48 (+1.08%) from the previous trading day.

Technical indicators show:

• The Relative Strength Index (RSI) stands at 51.505, in the neutral zone, indicating a relatively balanced relationship between buying and selling forces in the market.
• The Stochastic Oscillator (STOCH) is 71.496, entering the buying zone, reflecting strong buying momentum in the market.
• At the same time, the Stochastic RSI (STOCHRSI) is 93.727, in the overbought zone, suggesting that gold prices may face correction pressure in the short term.
• The Moving Average Convergence Divergence (MACD) is a positive 0.54, indicating an upward momentum in the market in the short term.

Overall, current technical indicators show that the gold market is in a recovery phase, and a large amount of short-term buying has caused fluctuations in gold prices.

V. Outlook

1. Sustained Impact of Geopolitics

The attacks on Ukraine’s energy facilities have increased global market uncertainty, and demand for gold as a safe-haven asset is likely to continue rising. As Russia further intensifies its strikes on infrastructure, gold prices may continue to receive support.

2. Worsening Energy Crisis Boosts Gold Demand

Due to disrupted energy supply and price volatility, gold’s appeal as an inflation hedge and safe-haven tool may be further enhanced, especially with winter approaching. This could lead to a further increase in gold demand.

Summary

The further escalation of the situation in Ukraine, particularly Russia’s attacks on energy facilities, has increased market uncertainty and driven up gold prices. Demand for gold as a safe-haven asset may continue to heat up, especially against the backdrop of a worsening winter energy crisis. Investors should pay attention to the development of the situation and closely monitor changes in gold’s technical outlook; gold prices are likely to continue rising in the short term.