Gold Remains Strong as Ukraine Situation Dominates the News

Gold futures closed higher Tuesday (Feb. 22) as investors bought gold as a safe haven amid concerns over the tense situation in Ukraine. Russia recognized the independence of the Donetsk and Luhansk regions in eastern Ukraine and subsequently sent troops to the two regions, which are sympathetic to Russia.

  • Gold futures were up $7.6, or 0.4%, at $1,907.4 per ounce.
  • Silver futures were up 31.9 cents, or 1.33%, to close at $24.311 an ounce.
  • Platinum was up $9.2, or 0.85%, to close at $1,086 an ounce.
  • The palladium contract was up $33.90, or 1.45%, at $2371.80 an ounce.

The conflict in Ukraine is entering the next round. The Russian Senate has unanimously voted to allow President Vladimir Putin to deploy the Russian military outside the country to support separatist groups in Ukraine.

The United States wants to impose sanctions on VEB, Russia’s largest bank, and boycott PSB Bank, the bank of the Russian military. The measure would prevent the two banks from doing business in dollars.

In addition, weak U.S. economic data is also a factor supporting safe-haven buying. A survey by the Conference Board economic research institute showed that the consumer confidence index declined for the second time in February, falling to 110.5 from 111.1 in January.

The Spot Market is Open

Tuesday, February 23, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
13.35
1,896.80
1,897.80
-1.70
-0.09%
1,893.60
1,902.40
Silver
13.35
24.06
24.16
-0.03
-0.10%
24.02
24.33
Platinum
13.35
1,078.00
1,088.00
+2.00
0.19%
1,075.00
1,092.00
Palladium
13.35
2,296.00
2,446.00
+2.00
0.09%
2,286.00
2,455.00
Rhodium
06.00
17,550.00
19,550.00
0.00
0.00%
17,550.00
19,550.00

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