Business News Asia
Gold futures closed higher for the fifth consecutive day on Wednesday (April 13). Concerns about inflation in the U.S. and the war between Russia and Ukraine are growing as inflation continues to rise and the war knows no end.
- The gold futures were up $8.6, or 0.44%, at $1,984.7 per ounce.
- Silver futures were up 29.5 cents, or 1.15%, at $26.03 an ounce.
- The platinum contract was up $17.2, or 1.77 percent, at $989.6 an ounce.
- Palladium fell $14.80, or 0.62%, at $2,339.50 an ounce.
Investors continue to buy gold as a hedge against inflation after the U.S. Labor Department announced Tuesday (April 12) that the consumer price index (CPI) rose 8.5% year-over-year in March, the highest level since December 1981.
The U.S. Department of Labor reported that the Producer Price Index (PPI), a measure of inflation based on producer spending, rose 11.2% on an annual basis in March. This is the highest level since the index was introduced.
In addition, concerns about the ongoing war between Russia and Ukraine have also led to buying in safe-havens. Russian President Vladimir Putin said the Russian invasion of Ukraine would continue until the objective was achieved and confirmed that the battle would continue as planned. In the face of strong Ukrainian resistance, a massive withdrawal was even considered. Russia has lost thousands of soldiers in the fighting in Ukraine, which has been ongoing since late February.
The Ukrainian government said Ukraine was investigating the poisonings of Ukrainian soldiers, and it was unclear what the poison was. Western officials warn that Russia’s use of chemical weapons would only increase the intensity of an already destructive war.
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