Gold prices jumped regarding 1 percent to their highest level in more than a month yesterday, as concerns regarding the economic fallout from the Russian-Ukrainian war and rising inflation pushed investors to the precious metal as a safe haven.
According to “Archyde.com”, the price of gold in spot transactions reached 1993.28 dollars an ounce during trading yesterday, which is its highest level since March 11 (March).
And the price of gold in futures transactions rose 1.2 percent to $ 1997.70 an ounce.
“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 Xinity.
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 the benchmark 10-year US Treasury rose to their highest level since December 2018, while the dollar remained strong near recent highs.
Among other metals, spot silver rose 0.9 percent to $25.91 an ounce, hitting its highest level in one month.
Platinum jumped 1.5 percent to 1004.36 dollars, and the price of palladium increased 1.1 percent to 2394.68 dollars.
While the US dollar hit a 20-year high once morest the Japanese currency at 126,805 yen.
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