Gold futures closed higher Wednesday (Feb. 23) as investors bought gold as a safe haven amid concerns over the tense situation in Ukraine.
The three major U.S. stock indices declined, which also supported the gold market.
- The gold contract was up $3, or 0.16%, at $1,910.4 per ounce.
- Silver futures were up 24.2 cents, or 1%, at $24.553 an ounce.
- Platinum was up $5.7, or 0.52%, at $1,091.7 per ounce.
- The palladium futures were up $68.80, or 2.9%, at $240.60 an ounce.
Gold prices were influenced by concerns over tensions between Russia and Ukraine after Russia sent troops to two regions of eastern Ukraine that Russia declared independent on Monday. The European Union, Britain and the United States announced sanctions against Russia on Tuesday.
The U.S. State Department stated that the U.S. has yet to see any signs of a Russian withdrawal. The White House stated that President Joe Biden had no intention of sending U.S. troops to fight in Ukraine.
Russia has begun evacuating officials from the Russian embassy in the Ukrainian capital, Kyiv, in another sign that Russia may move into Ukraine. The West, meanwhile, has imposed sanctions on Russia after it declared two eastern Ukrainian provinces independent and also deployed Russian troops to the regions.
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Thursday, February 24, 2022