Gold futures closed above $2,000 on Tuesday (March 8) as global uncertainty continues to drive people to seek safety in assets like gold.
- Gold futures were up $47.4, or 2.37%, at $2,043.3 an ounce.
- Silver futures were up $1.175, or 4.57%, at $26.895 per ounce.
- The platinum was up $36.6, or 3.28%, at $1,153.2 an ounce.
- The palladium futures were up $66.60, or 2.29%, at $2,968.50 an ounce.
Gold futures rose above $2,000 per ounce for the first time since August 2020, reflecting investors’ continued purchase of safe-haven assets. Concerns about the Russia-Ukraine war, including the impact of sanctions against Russia, led to rising commodity prices.
President Joe Biden issued a statement at the White House last night saying that the U.S. will suspend oil and natural gas imports from Russia. Other U.S. allies in Europe are currently still refusing to impose a ban on imports of Russian energy products, as Europe is highly dependent on Russian imports.
Furthermore, a weakening U.S. dollar is also helping the paper gold price.
The dollar index against the six major currencies in a basket of currencies was 0.23% lower at 99.0640.
Meanwhile, investors are waiting for U.S. Consumer Price Index (CPI) figures ahead of the Federal Reserve’s (Fed) monetary policy meeting on March 15 and 16, the second this year. It will be exciting to see whether the Fed will dare to raise interest rates despite all the uncertainty in the world.
The Spot Market is Open
Wednesday, March 9, 2022