WASHINGTON (dpa-AFX) - Gold prices moved higher on Wednesday as the dollar weakened despite looming interest rate hikes.
Demand for the safe-haven yellow metal rose amid lingering concerns about Russia-Ukraine tensions. U.S. President Joe Biden has stated that the country had not verified the move on troop returning.
'It remains to be seen whether there is a Russian withdrawal . What we see is that they have increased the number of troops, and more troops are on the way,' NATO Secretary General Jens Stoltenberg told reporters at the start of a two-day meeting of NATO defense ministers in Brussels.
Cyberattacks on the websites of Ukraine's defense ministry as well as two major Ukrainian banks have also led to worries Russia could still be poised to invade.
The dollar index dropped to 95.76, losing about 0.25%.
Gold futures for April ended higher by $15.30 or about 0.8% at $1,871.50 an ounce.
Silver futures for May ended up by $0.264 at $23.654 an ounce, while Copper futures for May settled at $4.5410 per pound, gaining $0.0050.
In U.S. economic news, data from the Commerce Department showed retail sales soared by 3.8% in January after plunging by a revised 2.5% in December. Economists had expected retail sales to jump by 2% compared to the 1.9% slump originally reported for the previous month.
The Labor Department also released a separate report showing U.S. import prices surged up by 2% in January after falling by a revised 0.4% in December. The spike in import prices reflected the biggest monthly increase since April of 2011. Economists had expected import prices to jump by 1% compared to the 0.2% dip originally reported for the previous month.
In other economic news, the Federal Reserve released a report showing industrial production increased by 1.4% in January after edging down by 0.1% in December. Economists had expected industrial production to rise by 0.4%.
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