WASHINGTON (dpa-AFX) - Gold prices moved up sharply on Tuesday amid worries about global growth and inflation following the imposition of a raft of stringent sanctions against Russia.
The U.S. and some western countries moved to block certain Russian banks access to the SWIFT international payment system. Following this, Russian President Vladimi Putin unveiled his own measures by banning residents from transferring hard currency abroad.
Gold prices surged higher despite a very strong dollar. The dollar index climbed to a high of 97.58, gaining nearly 0.9%.
Gold futures for April ended higher by $43.10 or about 2.3% at $1,943.80 an ounce.
Silver futures for May ended up by $1.175 at $25.541 an ounce, while Copper futures for May settled at $4.5965 per pound, gaining $0.1420 for the session.
The first round of talks between Russia and Ukrain ended without a breakthrough. Ukrainian President Volodymyr Zelensky said that the second round of talks aimed at ending Russia's attack on Ukraine will take place soon.
In U.S. economic news, the IHS Markit US Manufacturing PMI was revised lower to 57.3 in February of 2022, from a preliminary estimate of 57.5 but above the previous month's final reading of 55.5.
According to a report from the Institute for Supply Management, the ISM Manufacturing PMI for the US rose for a second straight month to 58.6 in February of 2022 from 57.6 in January and compared to market forecasts of 58. This latest reading showed that the overall economy expanded for the 21st consecutive month.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
