Gold Rises as Its Attractiveness Increases Due to the Ukrainian crisis and inflation fears

Gold prices rose on Wednesday as investors looked for a shield in the face of sharply rising inflation and the uncertainty that events in Ukraine are imposing on the markets, and falling US bond yields provided support for the yellow metal.

And gold rose in spot transactions 0.6 percent to $ 1932.28 an ounce. US gold futures also rose 0.6 percent to $1,932.90.

Gold prices witnessed rises close to record levels this month and then witnessed a continuous decline until the meeting of the Monetary Policy Committee of the US Central Bank last week. It has since moved to more stable levels.

Gold is considered a safe haven of value during times of high inflation and geopolitical uncertainty.

The US 10-year bond yields also fell from recent highs, reducing the opportunity cost of acquiring the non-yielding yellow metal.

Investors are now looking forward to US Federal Reserve Chairman Jerome Powell’s remarks at the Bank of International Settlement summit later on Wednesday for clarification of more details on monetary policy tightening.

Silver rose 1.2 percent to $25.04 an ounce, platinum settled at $1023.60, and palladium rose 3 percent to $2557.96.