Gold prices rose on Friday, steadying
after a volatile session, as investors reassessed the situation
surrounding Russia’s invasion of Ukraine and fresh sanctions
against Moscow from the West.
* Spot gold rose 0.3% to $1,909.06 per ounce by 0204
GMT. U.S. gold futures fell 0.8% to $1,910.70.
* The metal jumped more than 3% on Thursday to hit its
highest level since September 2020 at $1,973.96, before
reversing course to close lower.
* On Friday, Ukrainian President Volodymyr Zelenskiy vowed
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to stay in Kyiv as his troops battled Russian invaders who are
advancing toward the capital in the biggest attack on a European
state since World War Two.
* Commodity prices jumped to multi-year highs on Thursday,
buoyed by prospects of tighter supplies due to the possibility
of more sanctions on Russian exports, transport disruptions and
Moscow withholding supplies.
* U.S. President Joe Biden hit Russia with a wave of
sanctions, measures that impede Russia’s ability to do business
in major currencies, along with sanctions against banks and
* Exchange-traded funds (ETFs) that invest in gold and other
precious metals have seen massive inflows as investors rush to
* Palladium prices are up nearly 28% this year, while gold
has gained about 4.5%.
* Auto-catalyst metal palladium gained 1.4% to
$2,435.77, after reaching its highest level since July 2021 at
$2,711.18 on Thursday.
* Russia’s Nornickel is a major producer of
palladium and platinum, which are both used in catalytic
converters to clean car exhaust fumes.
* Spot silver rose 0.5% to $24.33 per ounce, platinum
was up 0.4% to $1,061.40.
(Reporting by Asha Sistla in Bengaluru; Editing by Devika
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