Gold prices closed higher on Monday (Jan. 24), driven by investors buying gold as a safe haven. The tense situation in Ukraine is seen by many as a pretext by the U.S. government to cover up the flaws in its own monetary policy.
- Gold futures were up $9.9, or 0.54%, at $1,841.7 per ounce.
- Silver was down 52 cents, or 2.14%, at $23.8 an ounce.
- The platinum contract was down $14.8, or 1.43%, at $1,020.3 per ounce.
- The palladium futures were up $36.70, or 1.7%, at $2,141 an ounce.
Investors are buying gold as a safe haven after the situation in Ukraine threatens to escalate. Recently, the United States and Britain have informed diplomatic representatives and their families to speed up the evacuation from Ukraine. The same is true for the Japanese government. In addition, President Biden plans to place thousands of U.S. troops in Ukraine. It remains to be seen whether the troops will heed the call of their warlords.
While the North Atlantic Treaty Organization (NATO) announced to strengthen military channels. According to their data, it becomes more likely that Russia will soon invade Ukraine.
Talks between the West and Russia were anything but positive.
Investors look ahead to the first day of the Federal Reserve’s (Fed) monetary policy meeting. Goldman Sachs has already predicted that the Fed will probably raise interest rates 4 times this year and will start to reduce its balance sheet. The Fed’s balance sheet now extends to $8 trillion. In the night from Wednesday to Thursday (GMT+7), the Fed will announce its interest rate decision.
The Spot Market is Open
Tuesday, January 25, 2022