Gold Prices Hit 1-Month High As Russia-Ukraine Crisis Dampens Risk Appetite
New Delhi: Gold prices rose on Monday to their highest since mid-March, as the Russia-Ukraine crisis soured risk sentiment.
Spot gold was up 0.5% at $1,984.51 per ounce, as of 0445 GMT, hitting its highest since March 14. U.S. gold futures were up 0.7% at $1,988.10.
Restraining advances in zero-yield gold on Monday, yields on the benchmark 10-year U.S. Treasury note firmed to their highest since December 2018.
Spot gold may rise into a range of $1,998 to $2,012, as it has pierced above a resistance at $1,984 per ounce, according to Reuters technical analyst Wang Tao.
China’s economic activity slowed in March, with weakness in consumption, property and exports eclipsing faster-than-expected first-quarter GDP growth, suggesting a worsening in the outlook as sweeping COVID-19 curbs and the Ukraine war take a toll.
Spot silver rose 0.4% to $25.79 per ounce, platinum gained 1.1% to $1,000.82, and palladium climbed 1.6% to $2,406.93.