Gold futures closed higher on Thursday (March 24) as investors continued to buy gold as a safe haven amid inflation fears and the fallout from the war between Russia and Ukraine.
- The gold contract was up $24.9, or 1.29%, at $1,962.2 an ounce.
- Silver futures were up 73.1 cents, or 2.9%, at $25.92 an ounce.
- The platinum contract was up $10.2, or 1%, at $1,031.2 an ounce.
- The palladium contract was up $11.70, or 0.5%, at $2530.60 per ounce.
The war between Russia and Ukraine is now entering its second month. The North Atlantic Treaty Organization (NATO) yesterday launched an emergency meeting in Brussels, Belgium, to discuss countermeasures against Russia for sending troops to invade Ukraine.
Jens Stoltenberg, NATO’s secretary-general, said NATO will deploy four more military groups in Eastern Europe, including Bulgaria, Hungary, Romania and Slovakia, to counter the threat from Russia. NATO’s top military commanders have been preparing to respond to chemical, biological and chemical weapons, and radiation attacks.
Meanwhile, inflation continues to be a hot topic. The official CPI figures from the UK for the month of February rose by 5.5%, the highest level in 30 years. The CPI in February does not yet reflect the effects of the Ukraine crisis.
Meanwhile, Canada and California want to help citizens who are below a certain income level with helicopter currency. The idea is to distribute units of currency to the population, mainly because of the rising cost of fuel and energy. The end result is that more fiat currency units will come into circulation, which will further fuel inflation.
The Spot Market is Open
Friday, March 25, 2022