WASHINGTON (dpa-AFX) - Gold prices rose sharply on Tuesday, gaining for a fourth straight session on safe-haven demand amid rising concerns about inflation and global economic growth due to the ongoing war between Russia and Ukraine, and the stringent sanctions on Russia.
A weak dollar contributed as well to the yellow metal's steep climb. The dollar index dropped to a low of 98.71 before recovering to 98.90, still firmly down from the previous close of 99.29.
Gold futures for April ended higher by $47.40 or about 2.4% at $2,043.30 an ounce, down from a record high of $2,069.40, posted on August 6, 2020. Gold futures rose to a high of $2,078.90 an ounce intraday.
Silver futures for May ended up by $1.175 at $26.895 an ounce, while Copper futures for May settled at $4.7100 per pound, down $0.0210 from the previous close.
The United States is reportedly planning to impose a ban on Russian oil imports without teaming up with its allies in Europe. However, a final decision has not been made yet.
Meanwhile, the third round of talks between Ukraine and Russia failed to reach a deal on evacuation corridors from several besieged cities on Monday, as many of the routes were leading to Russia or its ally Belarus.
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