© Archyde.com. Gold prices gain 3% in a week and close below $1,900
Gold prices rose by 3.1%, in the total trading week that ended yesterday, Friday.
Gold prices fell upon settlement of transactions, with continued anticipation of developments in the Russian-Ukrainian crisis and the prospects for monetary policy in major economies.
The markets witnessed a cautious calm after US Secretary of State, “Anthony Blinken” agreed to meet with his Russian counterpart, “Sergei Lavrov” next week, which limited the weekly gains with the decline in demand for safe havens.
While the exchange of accusations continued between the Ukrainian forces and the pro-Russian separatists about violating the ceasefire agreement on the border in eastern Ukraine.
Gold has increased in demand this week as a way to hedge against geopolitical risks and stock market volatility, along with continued inflationary pressures that could push the Federal Reserve to raise interest rates faster than previously expected.
John Williams, a member of the Federal Reserve, stressed that it is appropriate to raise interest rates during the next March meeting, after the inflation rate exceeded the central bank’s target of 2% and the economy showed signs of a strong recovery.
And the price for delivery in April fell by 0.1%, or 2.20, to reach $ 1899.80 an ounce upon settlement, after recording 1905 dollars earlier in trading.
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