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14 Feb 2022

Gold holds highest gain since October as Investors Seek Safe Asset

The Index Today

After surging on Friday, Gold was steady now. Gold hits biggest gain in almost four months, as geopolitical tensions over Ukraine boost demand for the haven asset. Spot gold was little changed at $1,858.85 an ounce as of 8.31am in Singapore after surging 1.8 per cent on Friday, the most since October 13.

Bullion’s appeal as a store of value is being burnished by risk aversion in markets and a surge in inflation worldwide, even as the Federal Reserve gears up to raise interest rates. The yield on 10-year Treasuries ticked up Monday after tumbling on Friday from a 2019 high, according to Bloomberg.

Nicholas Frappell, global general manager at Sydney-based ABC Bullion said, “Risk-off sentiment and the drop in real yields should help gold but a rising dollar may thwart further gains.” The advance in crude oil could add to concerns over inflation and growth, which will likely boost gold further, he added.

Clay pottery with table linens
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