Foreign media: escalating tensions between Russia and Ukraine boost demand for gold Gold prices rise to nearly two-month high
LONDON, Feb 14 (Reuters) – Gold prices surged to a near two-month high on the day, as concerns over soaring inflation and escalating tensions between Russia and Ukraine boosted concerns about the Demand for safe-haven metals.
Spot gold rose 1.6% to $1,855.17 an ounce, the highest level since Nov. 19, 2021, the report said. Silver rose 1.3% to $23.48 an ounce, platinum gained 0.4% to $1,030.49 an ounce and palladium gained 2.9% to $2,320.18 an ounce.
Reports pointed out that Ukrainian tensions added to the sell-off on Wall Street. U.S. stocks fell in the previous session as data showed U.S. consumer prices posted their biggest annual rise in 40 years, adding to pressure on the Federal Reserve to raise interest rates sharply.
A senior market analyst said: “Gold is starting to resume its gains, and some investors are looking for a safe-haven against the Fed’s overly aggressive tightening cycle that could threaten economic growth. If military action begins, gold prices could rise above $1,900.”