Gold prices have risen to levels not seen in the past week

D + D – Normal size

On Thursday the price of gold rose to a one-week high, as the safe haven appeal of the precious metal increased, amid fears of inflation and uncertainty surrounding the war in Ukraine.

At 14.23 GMT, spot gold rose 0.8 percent to $ 1958.75 an ounce, the highest level since March 14. US gold futures rose 0.9 percent to $ 1,954.80 an ounce.

“Very strong inflationary pressures are the primary support for raising the price of gold, but the war in Ukraine is very obvious,” said David Meijer, director of metals trading at High Ridge Futures.

Last week, the US Federal Reserve raised the cost of borrowing by 25 basis points, and since then the bank’s top policymakers have been pushing for more cash this year to combat rising inflation.

Analysts say that unproductive gold may lose its attractiveness when interest rates rise, but rising conflicts in Ukraine and rising oil prices have added to the current inflationary pressures that have helped secure the price of gold.

Amid differences over the imposition of additional sanctions on Russia’s energy sector, US President Joe Biden will meet with his country’s European allies at an emergency NATO summit on Thursday. Among other precious metals, silver rose 2.3 percent to $ 25.65 an ounce.

Platinum was up 0.1 percent at $ 1021.38 an ounce. Palladium was $ 2512.03 an ounce.

Print
Email




  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 70 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space