Gold Prices Reach 1-Month High as Ukraine-Russia Crisis Dampen Risk Asset Demand

The Index Today

On Monday, gold prices soared to its highest level since mid-March spurred by worsening conditions in Ukraine which has prompted investors to abandon risk assets for safe havens including the bullion.

According to Reuters, spot gold rose by 0.8% to $1,989.65 per ounce by 0723 GMT, its highest level since March 11. U.S. gold futures also edged higher by 0.9% to $1,993.40.

Ilya Spivak, a currency strategist at DailyFX, has contended that the current market trend points towards a present risk asset aversion as evidenced by the rise in investor appetite for safe haven assets. As per Reuters’ technical analyst Wang Tao, spot gold can possibly surge to a range of $1,998 to $2,012, having surpassed resistance at $1,984 per ounce.

Meanwhile, platinum soared by 1.7% to $1,006.27, spot silver rose by 0.7% to $25.85 per ounce, and palladium inched up by 1.4% to $2,400.60.