bullish gold
Gold prices rose significantly, coinciding with the increasing demand for the yellow metal with a somewhat weak appetite for risk in the currency markets, especially with the continuing concerns about the developments of the Russian-Ukrainian crisis, which in turn supports the strength of gold as a safe haven.
During Monday’s trading, spot gold contracts rose by 0.60% and recorded about $1985.10 an ounce. Meanwhile, gold futures contracts recorded about 1989.20 dollars an ounce.
The US dollar index, which measures the performance of the US currency against about 6 currencies during today’s trading, has remarkably increased and settled at the highest levels of 100.00 points, and scored about 100.64 points, up by about 0.32%.
Gold prices rose in light of the weak risk appetite in the currency markets, coinciding with the developments of the Russian-Ukrainian crisis, as the Kremlin spokesman, Dmitry Peskov, said today, Monday, that the Ukrainian side is not fixed in the negotiations, and its position is changing regarding the agreed points, and that the dynamics of progress in the Russian negotiations Ukraine is not going well, he said, adding that the special military operation is continuing, and Russian President Vladimir Putin recently said that it is going according to the plan that has been developed.
Also, at the weekend, Ukrainian President Volodymyr Zelensky said that talks with Russia had reached a “stalemate”, given that Ukraine would not be able to exchange its territory or people, which Russia’s forces had violated with war crimes, and these statements about tensions between the two sides support the strength of gold trading.
At the same time, gold prices are finding support from the outbreak of the new Corona virus, significantly inside China, and this in turn may lead to a slowdown in global economic growth and support the demand for gold as a safe haven, as data from the National Health Committee of China indicated that the country recorded 23,460 confirmed new infections with the Corona virus. The new cases during the past 24 hours, including 2,742 cases with symptoms, and about 20718 cases without symptoms.
Among the prices of other metals, apart from gold, silver contracts fell at the beginning of trading by 1.18% and scored about $25.435 an ounce, while palladium contracts fell by 0.05% and recorded about $2,338.77 an ounce. Platinum metal contracts decreased by 0.90% and recorded about $980.50 an ounce.