Gold prices rise to the highest level in a month as the Ukrainian crisis continues

Gold prices jumped about 1 percent to their highest level in more than a month on Monday, as concerns about the economic fallout from the Russia-Ukraine war and rising inflation pushed investors to the precious metal as a safe haven.

And the price of gold in spot transactions reached 1993.28 dollars an ounce by 0947 GMT, its highest level since March 11.

And the price of gold in futures transactions rose 1.2 percent to $ 1997.70 an ounce.

The war in Ukraine has so far shown no signs of abating, fueling high inflation, and slashing global growth prospects.

China’s economy slowed in March, with consumption, real estate, and exports hitting hard, as restrictions to tackle COVID-19 and the Ukraine war hit the world’s largest consumer of gold.

Yields on the benchmark 10-year US Treasury rose to their highest since December 2018, while the dollar remained strong near recent highs.

Among other metals, spot silver rose 0.9 percent to $25.91 an ounce and hit its highest level in one month. Platinum jumped 1.5 percent to $1004.36, and the price of palladium increased by 1.1 percent to $2394.68.