In high year gold because of the situation in Ukraine

Gold futures gained on Wednesday amid the Russia-Ukraine crisis, which pushed values ​​to a one-year high.

Gold is enjoying a surge amid rising tensions between Moscow and the West over troop deployments in Ukraine’s Donbass region and growing fears of a full-scale invasion of Kiev.

“Precious metals continue to shine amid growing geopolitical risks to Ukraine, a troubled global stock market and rising inflation,” said Fawad Razaqzada, a market analyst at ThinkMarkets.

Against this background, April delivery gold gained 0.2% to reach $ 1,910.40 an ounce. Prices recorded the highest closure since January 7, 2021, according to FactSet data.

The Russia-Ukraine situation remains uncertain, as a military mistake on both sides could significantly escalate the conflict, said Jim Wyckoff, a senior analyst at Kitco.com.

Meanwhile, the Federal Reserve seems determined to raise interest rates aggressively, as early as next month, to combat the burst of inflation. Such monetary policy moves usually serve as a declining factor for precious metals.

In other trading on Comex, March silver lost 1% to $ 24,553 an ounce, but March copper fell 0.6% to $ 4,484 a pound.

April platinum gained 0.5% to $ 1,091.70 an ounce and March palladium climbed 2.9% to $ 2,440.60 an ounce.