Russia`s invasion of Ukraine sends gold down

Russia’s Invasion of Ukraine Sends Gold Down

Gold futures was below 0.26% to $1,938.75 by 10:39 PM ET (3:39 AM GMT). In February, the yellow metal increased approximately 6.5%, hitting an 18-month high of $1,973.96 last week. The dollar, which typically moves inversely to gold, rose 0.04%.

Investors are herding to safe-haven assets as Russia’s invasion of Ukraine boosts. Russia warned Kyiv residents to escape their homes, and Russian commanders have increased the bombardment of Ukrainian cities.

The benchmark U.S. 10-year yield climbed to 1.7548% from 1.711% late on Tuesday. Investors are worried regarding bold interest rate hikes of the U.S. Federal Reserve in the next few months amid the Ukraine tensions and skyrocketing inflation.

More Clues Requested

Investors also await Fed Chairman Jerome Powell’s deposition before the U.S. Congress on Wednesday and Thursday for more hints on interest rate hikes.

SPDR Gold Trust (P: GLD), holdings of the world’s most extensive gold-backed exchange-traded fund, increased 1.3% to 1,042.38 tones on Tuesday, the highest after July 2021.

On Tuesday, in other precious metals, palladium climbed 1.2% behind, hitting a seven-month peak of $2,722.79. Russia is the biggest palladium producer, with Moscow-based Nornickel estimation for 40% of the metal’s global mine production last year.

Silver dropped 0.9%, while platinum was up 0.1%.

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