Middle East

Gold rises to a high for the first time in eight months, surpassing $ 1,900

Gold has risen to an eight-month high of over $ 1,900 per ounce as long-term standoffs around Ukraine stimulated demand for shelters.

The United States warned of a possible Russian attack, and President Joe Biden said a “false flag” case could be underway. Moscow said the aggression was not planned, but given the inadequate US security proposed, Russia may have to resort to “military technical measures.”

Gold got off to a good start this year, jumping to its highest level since June, as possible conflicts in Europe pushed up prices. Despite the Federal Reserve’s preparations for a rate hike, the product is set to profit for the third week and could weaken demand for interest-free precious metals.

John Feeney, Business Development Manager at Guardian Gold Australia, a bullion dealer based in Sydney, said: “We could still see gold adding a significant amount to the official news of the aggression,” Finney said, adding that there could be a drop of more than $ 50 if things settle down.

Citigroup analysts, including Aakash Doshi, have upgraded their short-term gold forecasts from $ 1,825 to $ 1,950. In addition, banks remain bearish, targeting $ 1,750 in 6 to 12 months, as “rising real yields and rising stocks could put pressure on bullion prices again.” ..

Spot gold rose 0.2% to $ 1,902.48 an ounce, the highest since June 11th, trading in Singapore at 8:39 am for $ 1,901.13. The Bloomberg Dollar Spot Index was flat.

Silver and palladium were stable, but platinum rose.

https://gulfbusiness.com/gold-advances-to-eight-month-high-pushes-above-1900/ Gold rises to a high for the first time in eight months, surpassing $ 1,900

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