HomeGold prices near near 3-month peak as Ukraine tensions spur demand

Gold prices near near 3-month peak as Ukraine tensions spur demand

Spot gold was steady at $1,859.16 per ounce, as of 0125 GMT. In the previous session, bullion prices hit the highest since Nov. 19 at $1,865.15, in their biggest daily gain since mid-October.

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By Reuters February 14, 2022, 8:45:12 AM IST (Published)

Gold prices near near 3-month peak as Ukraine tensions spur demand
Gold prices held their ground on Monday near a three-month high touched in the previous session, as lingering concerns surrounding Ukraine kept the metal's safe-haven appeal intact.


FUNDAMENTALS

* Spot gold was steady at $1,859.16 per ounce, as of 0125 GMT. In the previous session, bullion prices hit the highest since Nov. 19 at $1,865.15, in their biggest daily gain since mid-October.

* U.S. gold futures rose 0.9% to $1,859.00 per ounce.

* Asian shares slipped as warnings from the United States that Russia could invade Ukraine at any time sent oil prices to seven-year peaks, boosted bonds and belted the euro.

* Russia could create a surprise pretext for an attack, the United States said on Sunday. However, Moscow denies any such plans and has accused the West of "hysteria", even as it has more than 100,000 troops massed near Ukraine.

Also Read: US stock markets closing: How S&P 500, Dow Jones, Nasdaq, Russell 2000 fared on Friday

* Pressuring gold slightly, the dollar and safe-haven currencies held gains, while yields on the benchmark U.S. 10-year Treasury note edged higher. [USD/] [US/]

* Higher yields dent the appeal of bullion by raising the opportunity cost of holding non-interest-paying gold, while a firmer dollar makes it less attractive for overseas buyers.

Also Read: Asian shares fall on worries over Russia-Ukraine conflict, oil prices climb

* Meanwhile, U.S. consumer sentiment fell to its lowest level in more than a decade in early February amid expectations that inflation would continue to increase in the near term, but that was unlikely to derail spending against the backdrop of excess savings and a strengthening labour market recovery.

* Among other metals, spot silver gained 0.7% to $23.74 per ounce, while platinum was up 0.8% at $1,036.14, and palladium jumped 3.7% to $2,391.73 per ounce.
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