Gold climbed again as demand for safe-havens rose again amid concerns that sanctions against Russia would hurt the global economy more severely.
Gold’s gains began to show on Tuesday, where the price slowly rose from around $ 1,900 to $ 1,950 per ounce during the New York session.
However, prices declined slightly in today’s Asian session which showed the precious metal was trading around $ 1,937 per ounce as it was weighed down by the strengthening US dollar.
The greenback dollar traded higher against most major currencies, approaching a one -month high that made the gold metal more expensive for holders of other currencies.
Gold had previously risen following concerns US President Joe Biden would announce something that would spark even greater chaos in the Russo-Ukrainian war.
Still, after hearing Biden’s speech before Congress at the Asian session, nothing surprised investors resulting in the precious metal exhibiting only a slight price reaction.
Meanwhile, disruptions to energy supplies, grains and metals due to sanctions against Russia prompted investors ’concerns that the global economy would be affected and hampered the recovery from Covid-19.
