UAE: Gold prices soar to 13-month high on worries of escalating Russia-Ukraine conflict

UAE: Gold prices soar to 13-month high on worries of escalating Russia-Ukraine conflict

Dubai: Gold prices continued to rise in the UAE, with the 24-karat variant currently at Dh235 - up Dh2.75 per gram from Tuesday's Dh232.25. Check . Globally, gold remained near a 13-month high on fears that Russia's invasion of Ukraine could turn more brutal, aiding demand for safe-haven assets as commodity investors weigh the potential fallout and sanctions. Bullion dipped after jumping almost 2 per cent in the previous session. It rose by the most since May last month amid mounting concern that the raft of penalties against Russia could dim the outlook for global growth and further stoke inflation. Holdings in exchange-traded funds backed by the metal have risen for two straight months. The small downward move on Wednesday is likely a technical pullback, said Margaret Yang, a strategist at DailyFX. Officials from the US and allied nations expect more indiscriminate tactics as Russian forces seek to suppress resistance in Ukraine. Vladimir Putin "badly miscalculated" with his invasion of Ukraine, President Joe Biden said in his first State of the Union address on Tuesday, calling the Russian leader a "dictator" and warning that the war will leave his country weaker. Threats to supplies of grain, energy and metals are