WASHINGTON (dpa-AFX) - Gold prices rose on Tuesday to extend a monthly advance, as a raft of sanctions against Russia and Moscow's countermeasures raised concerns over the impact on global growth and inflation.
Spot gold climbed 0.8 percent to $1,924.03 per ounce, after having risen 1 percent on Monday. U.S. gold futures were up 1.4 percent at $1,926.90.
Russia's economy is under huge pressure after the United States and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system.
President Vladimir Putin unveiled his own measures by banning residents from transferring hard currency abroad.
The first round of talks between Russia and Ukraine ended without a breakthrough and Ukrainian President Volodymyr Zelensky said that the second round of talks aimed at ending Russia's attack on Ukraine will take place soon.
Disruptions to supplies of grain, energy and metals have added to prices pressures as the Federal Reserve prepares to normalize monetary policy.
Investors pared rate hike bets, with Fed funds futures traders pricing in a rate hike of 25 basis points at the Fed's meeting on March 15-16. The Bank of England is also expected to lift rates by 25 bps in March.
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