Gold set for third weekly acquire in 4 as Ukraine battle deepens

Article content material

Gold on Friday was on track for a

third weekly acquire in 4, because the Russia-Ukraine battle

escalated whereas the spike in oil costs this week elevated

demand for bullion as a safe-haven asset and an inflation hedge.

FUNDAMENTALS

* Spot gold was up 0.2% at $1,960.84 per ounce, as of

0119 GMT. U.S. gold futures had been flat at $1,961.70.

* The steel hovered close to a one-week excessive scaled within the

earlier session and jumped practically 2% to this point this week.

* Western leaders piled on army and humanitarian assist for

Article content material

Ukraine on Thursday and denounced Moscow’s invasion of its

neighbor as “barbarism” as 1000’s in besieged cities

sheltered underground from Russian bombardment.

* British Prime Minister Boris Johnson stated on Thursday

there was proof that Russia was attempting to get spherical sanctions

utilizing its gold reserves.

* The U.S. Federal Reserve raised borrowing prices by 25

foundation factors on March 16, and since then prime U.S. central financial institution

policymakers have signaled a extra aggressive method to

financial coverage tightening this yr to battle rising inflation.

* Greater rates of interest dims non-yielding bullion’s attraction,

however the uncertainty over the Ukraine disaster and spike in oil

costs have added to the prevailing inflationary stress

Article content material

underpinning gold costs, analysts stated.

* The power within the job market reported by the Labor

Division on Thursday could push the Federal Reserve to lift

rates of interest by half a share level at its subsequent coverage

assembly in Might.

* Spot silver rose 0.5% to $25.64 per ounce, whereas

platinum gained 0.6% to $1,026.90 and palladium

added 0.2% to $2,527.69.

DATA/EVENTS (GMT)

0700 UK Retail Gross sales YY, MM Feb

0700 UK Retail Gross sales Ex-Gasoline MM Feb

0900 Germany Ifo Expectations New March

0900 Germany Ifo Curr Circumstances New March

0900 Germany Ifo Enterprise Local weather New March

1400 US U Mich Sentiment Remaining March

(Reporting by Asha Sistla in Bengaluru; Enhancing by Sherry

Jacob-Phillips)