- Write by:
-
Wednesday, March 9, 2022 - 12:46:56
-
702 Visit
-
Print
Mining News Pro - Gold extended its blistering rally on Tuesday towards an all-time high as investors made a beeline for the haven metal on mounting fears about the Ukraine crisis and rising inflation.
Spot gold surged 3.5% to $2,068.07 an ounce by 12:10 p.m. ET, within touching distance of its peak of $2,072.50 set in August 2020. US gold futures also jumped 4.0% to $2,076.70 an ounce in New York.
“The combination of roaring energy prices, grain prices, base metal prices is culminated in dramatic inflationary pressures that continue to be the major underlying support behind gold moves higher,” David Meger, director of metals trading at High Ridge Futures, said in a Reuters report.
“In addition, we’re seeing significant amount of safe haven bids in the gold market as equity markets have come under pressure due to major concerns on the geopolitical front,” Meger added.
Soaring oil prices and the Ukraine war have slammed appetite for riskier assets. US President Joe Biden announced on Tuesday a ban on Russian oil, with the UK also expected to follow.
Bullion, which has risen nearly 13% this year, is considered a safe store of value during times of geopolitical uncertainty and rising inflation.
Meanwhile, palladium gained another 2.0% after hitting a new high of $3,440.76 an ounce on Monday.
Short Link:
https://www.miningnews.ir/En/News/620849
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
No comments have been posted yet ...