Business News Asia
Gold futures closed above $1,900 on Thursday (Feb. 17) as tensions in Ukraine and weak U.S. economic data fueled safe-haven buying in gold.
- Gold futures were up $30.50, or 1.63%, at $1,902 per ounce.
- Silver futures were up 27 cents, or 1.14%, at $23.875 an ounce.
- Platinum was up $29, or 2.73%, at $1,092.7 per ounce.
- Palladium was up $87.50, or 3.9%, at $2,359.10 an ounce.
With tensions between Russia and Ukraine, investors are fleeing to gold as a safe haven. U.S. Secretary of State Antony Blinken said that Russia is preparing an attack on Ukraine and, in his opinion, will use weapons with high destructive power.
Speaking at an emergency meeting of the United Nations Security Council (UNSC) yesterday, Blinken said:
“Our information indicates clearly that these forces including ground troops, aircraft, ships, are preparing to launch an attack against Ukraine in the coming days”.
According to mainstream reports, Russia has now deployed more than 150,000 troops along the Ukrainian border, including the military in Belarus and the Crimean peninsula, which are said to be ready to attack in a matter of days.
In addition, the weak U.S. economic data is also a factor supporting gold purchases. The number of initial claims for unemployment benefits rose last week by 23,000 to 248,000, according to the Labor Department.
According to the U.S. Department of Commerce, housing starts fell 4.1% in January to 1.638 million units due to rising prices for building materials and cold weather.
The Mid-Atlantic manufacturing index fell to 16.0 in February from 23.2 in January.
The Spot Market is Open
Friday, February 18, 2022