The Magazine for Asian Investors
Gold futures closed higher on Monday (April 18) as peace talks in the Russia-Ukraine conflict failed to make progress, the World Bank lowered its forecast for global economic growth, and the homebuilder confidence index fell.
- The gold futures were up $11.5, or 0.58%, at $1,986.4 per ounce.
- Silver futures were up 45 cents, or 1.75%, at $26.15 an ounce.
- Platinum was up $26.3, or 2.65%, at $1,020.5 an ounce.
- Palladium was up $89.70, or 3.8%, at $2,445.10 an ounce.
Investors are buying gold as a safe haven after signs that the war between Russia and Ukraine is likely to continue. Peace talks between the two sides have not progressed.
Russian President Vladimir Putin said peace talks with Ukraine have reached a dead end and the Russian army will continue to fight until victory. Both sides have lost thousands of soldiers in the ongoing fighting in Ukraine.
The World Bank has lowered its forecast for global economic growth this year from 4.1% to 3.2% in view of the impact of sanctions following the Russian-Ukrainian conflict.
In addition, weak U.S. economic data is another factor driving safe haven buying. The National Association of Home Builders (NAHB) of the United States reported that the Homebuilder Confidence Index fell two points to 77 in April, the lowest level in seven months.
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Tuesday, April 19, 2022