Gold closes higher as Russia-Ukraine war leads to safe haven buying

Gold futures closed higher for a second straight day Thursday (Sept. 22) as investors continued to buy gold as a safe haven amid concerns over the crisis in Ukraine. Russian President Vladimir Putin announced a mobilization of troops to escalate the war with Ukraine.

  • Gold was up $5.4, or 0.32%, at $1,681.1 per ounce.
  • Silver futures were up 13.7 cents, or 0.7%, at $19.617 an ounce.
  • The platinum contract was down $10, or 1.09%, at $906 an ounce.
  • The palladium futures were up $51.30, or 2.4%, at $2,174.80 an ounce.

Investors are buying safe assets after President Putin announced the mobilization of 300,000 troops to escalate the war with Ukraine. It is the first mobilization of Russian troops since World War II.

Ukrainian President Volodymyr Zelensky has called on world leaders to punish Russia for its months-long invasion of Ukraine. The Ukrainian president’s call came Wednesday during a speech at the United Nations General Assembly (UNGA).

However, the acceleration of interest rate hikes by the Federal Reserve and the strengthening of the dollar limited the positive momentum in the gold market. The dollar index rose against the six major currencies in a basket of currencies by 0.64% to 111.3520.

The strength of the dollar has meant that gold contracts priced in dollars have become more expensive for investors holding other currencies.

The Spot Market is Open

Friday, September 23, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.00
1,670.50
1,671.50
-0.70
-0.04%
1,669.30
1,677.20
Silver
10.00
19.59
19.69
-0.03
-0.13%
19.57
19.80
Platinum
10.00
897.00
907.00
-3.00
-0.33%
896.00
914.00
Palladium
09.25
2,076.00
2,226.00
-27.00
-1.28%
2,059.00
2,254.00
Rhodium
05.00
12,500.00
14,500.00
0.00
0.00%
12,500.00
14,500.00

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