The gold contract is positive on Thursday (Feb. 24) as demand for the war hedge, gold, increases.
- The gold contract increased by $ 15.9 or 0.83% at 1,926.3 dollars per ounce.
- Silver contract increased by 13.4 cents or 0.55%. Closed at 24.687 dollars per ounce
- Platinum contract decreased by $ 29.6 or 2.71%, closed at 1,062.1 per ounce.
- Palladium contract increased by $ 60.50 or 2.47%. Close at 2,501.10 dollars per ounce.
Investors are buying gold as a safe investment after Russia invaded Ukraine, both by sea and air, in what is considered the largest land invasion of Europe since World War II. From the Russian side, it is reported that the military actions in Ukraine are purely for the security of the regions in the Donbas. The West has announced tough sanctions against Russia.
Loretta J. Mester, the president of the U.S. Federal Reserve (Fed), Cleveland branch, said the crisis in Ukraine will affect the U.S. economy in the medium term and will be a factor that the Fed used to reconsider withdrawing financial easing measures.
“The implications of the unfolding situation in Ukraine for the medium-run economic outlook in the U.S. will also be a consideration in determining the appropriate pace at which to remove accommodation,”Loretta J. Mester
So far, however, the end of the QE program and a possible change in interest rate policy remain on the Fed’s agenda.
The Spot Market is Open
Friday, February 25, 2022