Gold rises with Russia-Ukraine situation in focus
- Date: 25-Feb-2022
- Source: Zawya
- Sector:Oil & Gas
- Country:Middle East
Gold rises with Russia-Ukraine situation in focus
Gold prices rose on Friday, steadying after a volatile session, as investors reassessed the situation surrounding Russia's invasion of Ukraine and fresh sanctions against Moscow from the West.
FUNDAMENTALS
* Spot gold rose 0.3% to $1,909.06 per ounce by 0204 GMT. U.S. gold futures fell 0.8% to $1,910.70.
* The metal jumped more than 3% on Thursday to hit its highest level since September 2020 at $1,973.96, before reversing course to close lower.
* On Friday, Ukrainian President Volodymyr Zelenskiy vowed to stay in Kyiv as his troops battled Russian invaders who are advancing toward the capital in the biggest attack on a European state since World War Two.
* Commodity prices jumped to multi-year highs on Thursday, buoyed by prospects of tighter supplies due to the possibility of more sanctions on Russian exports, transport disruptions and Moscow withholding supplies.
* U.S. President Joe Biden hit Russia with a wave of sanctions, measures that impede Russia's ability to do business in major currencies, along with sanctions against banks and state-owned enterprises.
* Exchange-traded funds (ETFs) that invest in gold and other precious metals have seen massive inflows as investors rush to shield themselves.
* Palladium prices are up nearly 28% this year, while gold has gained about 4.5%.
*