Gold futures closed above $1,940 on Tuesday as uncertainties from central bank monetary policies and policymakers’ decisions continue to worsen.
In addition, the decline in U.S. equity markets and U.S. Treasury bond yields are also driving gold buying.
- Gold futures were up $43.1, or 2.27%, at $1,943.8 an ounce.
- Silver was up $1.175, or 4.82%, at $25.541/ounce.
- The platinum contract was up $13.2, or 1.27%, at $1,051.9 per ounce.
- The palladium futures were up $33.20, or 1.3 percent, at $2,537.80 an ounce.
The ongoing tensions between Russia and Ukraine bring investors to gold as a safe haven. Negotiations to settle the conflict between the two countries on Monday brought no decision.
In the coming days, the two sides will hold another round of talks on the Belarusian and Polish borders.
Russian Defense Minister Sergei Shoigu stated that Russia will continue to use special military operations against Ukraine until it achieves its main goal of protecting itself from Western threats.
Ukrainian President Volodymyr Zelensky called on Russia to stop attacks on Ukrainian cities before the next round of ceasefire talks.
Investors are watching Federal Reserve Chairman Jerome Powell, who will deliver a semiannual statement on monetary policy and economic conditions to the House Committee on Monetary Services on March 2 and to the Senate Banking Committee on March 3.
The Spot Market is Open
Wednesday, March 2, 2022