Gold prices jumped more than 1% to a one-month high, on Monday, approaching the $2,000 level, as concerns regarding the economic fallout from the war between Russia and Ukraine and rising inflation pressures prompted investors to buy the precious metal as a safe haven.
And the price of gold in spot transactions reached 1998.10 dollars an ounce, the highest level since March 11, before trimming its gains to record 1977.10 dollars by 1810 GMT.
And US gold futures rose 0.3 percent to $ 1981.10.
“Gold will continue to climb as long as the markets are fed a steady stream of negative news regarding a bleak global outlook,” said Han Tan, senior market analyst at Xiniti.
The war in Ukraine has so far shown no signs of abating, fueling high inflation and slashing global growth prospects.
China’s economy slowed in March with consumption, real estate and exports hitting hard, as restrictions to tackle COVID-19 and the Ukraine war hit the world’s largest consumer of gold.
Yields on benchmark 10-year US Treasury bonds rose to their highest level since December 2018, while the dollar index jumped to a two-year high.
Among other precious metals, spot silver rose 0.5% to $25.81 an ounce, following hitting its highest level in more than a month at $26.21 earlier in the session.
Platinum jumped 2.2 percent to $1011.90 an ounce, while palladium rose 2.1 percent to $2,418.50.
(Archyde.com)
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