Gold is Consolidating Affected by The Ukraine Crisis

Gold prices firmed on Thursday as investors remained cautious about the conflict between Russia and Ukraine, which also boosted demand for the safe-haven precious metal, while supply fears pushed palladium to a seven-month high.

Gold prices consolidated in spot transactions at $1926.10 an ounce. US gold futures rose 0.4 percent to $130.50 an ounce.

Although gold is considered a safe investment in times of political and economic uncertainty, the increase in US interest rates increases the opportunity cost of holding the precious metal.

As for other precious metals, palladium, which is used in catalytic converters to reduce emissions, jumped two percent to $ 2721.78 an ounce, after recording its highest level since July at $ 2735.18 an ounce earlier in the session.

Spot silver rose 0.3 percent to $25.34 an ounce. And platinum rose 1.3 percent to 1085.35 dollars an ounce.