Gold is on its way to achieving weekly gains amid political and economic risks

Gold prices fell on Thursday but were still on track to record a weekly increase, supported by the demand for safe havens due to the Ukraine crisis and mounting price pressures.

By 1100 GMT, gold fell in spot transactions 0.2 percent to $ 1973.41 an ounce, after rising for six consecutive sessions.

And US gold futures fell 0.6 percent to $ 1973.30 an ounce.

Other data showed US monthly producer prices rose by the most in more than 12 years in March, in the latest sign of persistent inflationary pressures, supporting the Federal Reserve’s move to tighten monetary policy.

Stock markets made limited gains on Thursday ahead of the European Central Bank’s decision, with US bond yields falling and the dollar falling on hopes that inflation was close to peaking.

As for other precious metals, silver fell 0.5% in spot transactions to $25.58 an ounce. The price of platinum fell 0.8% to $978.58 an ounce. Palladium rose 1.7 percent to $2,354.44 an ounce.