Gold prices rise with Russia-Ukraine situation in the spotlight

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| Edited By: |Source: Reuters |Updated: Feb 25, 2022, 08:47am IST

Gold prices rose on Friday, stabilizing after a volatile session, as investors reassessed the situation surrounding the Russian invasion of Ukraine and new sanctions against Moscow from the West.

BASICS

* Spot gold rose 0.3% to $1,909.06 an ounce by 0204 GMT. US gold futures fell 0.8% to $1,910.70.

* The metal jumped more than 3% on Thursday to hit its highest level since September 2020 at $1,973.96, before reversing course to close lower.

* On Friday, Ukrainian President Volodymyr Zelenskiy vowed to remain in Kiev while his troops battled Russian invaders who were advancing on the capital in the biggest attack on a European state since World War II.

* Commodity prices rose to multi-year highs on Thursday, buoyed by prospects of tighter supply due to the possibility of further sanctions on Russian exports, transportation disruptions and the withholding of supplies by from Moscow.

Read | Russia-Ukraine crisis LIVE: Demonstrators protest in front of the White House after Russia’s entry into Ukraine

* US President Joe Biden hit Russia with a wave of sanctions, measures that impede Russia’s ability to do business in major currencies, along with sanctions against banks and state-owned companies.

* Exchange-traded funds (ETFs) that invest in gold and other precious metals have seen massive inflows as investors scramble to protect themselves.

* Palladium prices are up almost 28% this year, while gold has gained around 4.5%.
* Palladium metal for auto catalysts gained 1.4% to $2,435.77, after hitting its highest level since July 2021 at $2,711.18 on Thursday.

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* Russia’s Nornickel is a major producer of palladium and platinum, which are used in catalytic converters to clean car exhaust.

* Spot silver rose 0.5% to $24.33 an ounce, platinum rose 0.4% to $1,061.40.



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