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Commodities

4 Mar 2022

Gold still Up as Russia halts Purchase of Foreign currency and Gold

The Index Today

Gold was still up on Friday morning in Asia and tagged as its best weekly gain since May 2021. Gold futures were up 0.32% to $1,942.10 by 11:49 PM ET (4:49 AM GMT) and were set for a weekly gain of about 3%.

The Russian Ministry of Finance said on Thursday that it is halting purchases of foreign currency and gold for 2022, a part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.

As Gold rises, the London Bullion Market Association told Reuters that they asked six Russian gold refiners it accredits if they have commercial links with sanctioned Russian entities and if found, the links could affect their accreditation.

In other precious metals, palladium jumped 1.6% to $2,818.86, after hitting its highest level since mid-July 2021 at $2,835.48 earlier in the session. The auto-catalyst metal was set to gain about 20%, its best weekly rise since late March 2020. Silver and platinum gained 0.4%.

©Photo: Wall Street Journal

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