Gold Settles Near Its Highest Level in a Week Amid Political Tensions

Gold prices stabilized on Tuesday in light of concerns about Russia and Ukraine, which kept the metal, which is considered a safe haven of value, supported near the highest level in a week, which was recorded in the previous session. At the same time, the markets awaited US inflation data important to the schedule to reduce the stimulus measures by the Federal Reserve.

The price of gold in spot transactions at $ 1819.71 an ounce by 0614 GMT, after hitting its highest level since January 26 on Monday. US gold futures fell 0.1 percent to $1,820.40.

A Reuters poll indicates that the US consumer price index is expected to rise 7.3 percent in January, the highest increase since 1982.

Gold is considered a hedge against inflation and political risks, but raising interest rates increases the opportunity cost of buying gold that does not yield a return.

As for other precious metals, the silver price fell 0.56 percent to $22.86 an ounce, platinum fell 0.5 percent to $1015.20, and palladium fell 0.2 percent to $2258.29.