Home Stock Market Gold up as Ukraine combating boosts safe-haven demand By Reuters

Gold up as Ukraine combating boosts safe-haven demand By Reuters

Gold up as Ukraine combating boosts safe-haven demand By Reuters

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© Reuters. FILE PHOTO: An worker processes ingots of 99.99 % pure gold on the Krastsvetmet non-ferrous metals plant within the Siberian metropolis of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk

By Seher Dareen

(Reuters) – Gold costs rose on Monday as combating in Ukraine boosted demand for safe-haven bullion, whereas buyers stored a detailed tab on Moscow-Kyiv peace talks.

XAU= rose 0.61 % to $1,932.71 per ounce by 10:56 a.m. ET (1456 GMT). U.S. GCv1 rose 0.3% to

$1,934.30.

“One other escalation round Ukraine will drive vital protected haven flows to gold, even inflation hedge strikes if we see sanctions that set off one other commodity surge,” mentioned Craig Erlam, senior market analyst at OANDA.

Russia and Ukraine have been nearing settlement on “essential” points, Turkey’s international minister mentioned on Sunday, however demand for riskier property retreated and oil costs climbed as combating continued in Ukraine. MKTS/GLOB O/R

Final week, gold shed greater than 3% on hopes for progress within the talks and a U.S. rate of interest hike.

“As actual rates of interest creep up, urge for food for gold as an inflation hedge may diminish,” analysts at Heraeus treasured metals wrote in a word.

Atlanta Federal Reserve Financial institution President Raphael Bostic mentioned on Monday he was open to extra aggressive coverage tightening, whereas pencilling in six fee hikes for 2022.

“Nonetheless, even when the Fed’s higher estimates of fee raises develop into actuality, inflation will nonetheless be forward, and actual rates of interest damaging, sustaining a optimistic surroundings for gold within the medium time period,” Heraeus analysts mentioned.

Spot silver rose almost 1% to $25.19, platinum was up 1.8% to $1,040.07, and palladium rose 2.4% to

$2,550.97.

The Ukraine battle coupled with COVID-related restrictions in semiconductor fabrication hubs in China may harm automotive demand for metals comparable to palladium, used as an autocatalyst in automobile exhausts to curb emissions, Heraeus added.

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