Gold soared near a two-month high amid concerns over rising global inflation and geopolitical tensions in the Middle East.
At the time of writing, the precious metal is trading strong at $ 1,840 an ounce after posting an increase of more than $ 30 on Wednesday.
This week, investors were shown readings of inflation data from the UK and Canada which both showed an increase to a 30-year high.
Concerns over high inflation, led investors to turn to gold as an inflation hedge.
In addition, the depreciation of the US dollar and US bond yields also pushed gold to make a profit. Despite the decline, bond yields are still at two -year highs preventing gold from rising higher.
Even so, high U.S. bond yields remain a barrier for the yellow metal to reap bigger profits.
Meanwhile, growing geopolitical tensions between Ukraine and Russia have also attracted buying interest for gold as a safe-haven asset.
US President Joe Biden expected that Russia would attack Ukraine and warned that they would respond if such an attack took place.
