Gold prices rose on Tuesday, as the pause in the dollar’s rise and the energy crisis in Europe prompted some investors to buy the safe-haven metal.
And gold rose in spot transactions 0.5% to $ 1718.30 an ounce, and prices had risen earlier by regarding 1% to its highest level in a week.
US gold futures rose 0.4% to $1,729.40.
The dollar index fell 0.1%, but it was not far from its highest level in 20 years, which it reached in the previous session.
The indefinite shutdown of gas supplies via Nord Stream 1, the main supply line to Europe, has heightened fears of a recession in the region, with higher energy prices hurting consumers.
Monday’s survey also showed that the euro zone is definitely entering a recession in light of the worsening cost of living crisis and pessimistic outlook.
Although gold is seen as a hedge once morest inflation and economic uncertainty, higher US interest rates increase the opportunity cost of holding non-yielding bullion and boost the dollar.
As for other precious metals, silver jumped in spot transactions 1.1% to $ 18.36 an ounce, platinum rose 0.7% at $ 851.25, and palladium rose 1.6 percent to $ 2065.96.
Archyde.com
