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Gold hits one-month high as Ukraine war dampens risk appetite

Category: Economy

Date: 2022-04-18T07:31:28+0000
Gold hits one-month high as Ukraine war dampens risk appetite

Shafaq News/ Gold prices rose on Monday to their highest since mid-March, as the Russia-Ukraine crisis soured risk sentiment and drove investors to the safety of bullion.

Spot gold was up 0.5% at $1,984.51 per ounce, as of 0445 GMT, hitting its highest since March 14. U.S. gold futures were up 0.7% at $1,988.10.

Seems like there is a bit of risk aversion in the market, with some overhang from the Russia-Ukraine situation, said Ilya Spivak, a currency strategist at DailyFX, while cautioning thin liquidity could possibly exaggerate price action.

Ukrainian authorities condemned Russian artillery attacks on cities in the northeast and the continuing siege of the southern port city of Mariupol, of which Moscow said it had taken almost full control, following almost two months of bloody fighting.

Bullion is considered a safe store of value during times of political and economic crisis.

While another test of $2,000 is likely the path of least resistance for gold, $2,100 is the bigger, more potent figure to keep an eye on, as there are some meaningful peaks there that would need to be overcome to make the case for lasting gains, Spivak said.

Restraining advances in zero-yield gold on Monday, yields on the benchmark 10-year U.S. Treasury note firmed to their highest since December 2018.

Spot gold may rise into a range of $1,998 to $2,012, as it has pierced above a resistance at $1,984 per ounce, according to Reuters technical analyst Wang Tao.

China's economic activity slowed in March, with weakness in consumption, property and exports eclipsing faster-than-expected first-quarter GDP growth, suggesting a worsening in the outlook as sweeping COVID-19 curbs and the Ukraine war take a toll.

Spot silver rose 0.4% to $25.79 per ounce, platinum gained 1.1% to $1,000.82, and palladium climbed 1.6% to $2,406.93.

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