Gold prices remained stable at a one -month high heading into weekend trading, still supported by inflation data and growing tensions in Ukraine.
In the Asian session, spot gold traded little changed at around $ 1,973 per ounce, while gold futures were stable at $ 1,972 per ounce.
The yellow precious metal trade is set for a second consecutive week of gains as inflation risks and geopolitical uncertainty offset gold investors ’concerns over an impending interest rate hike by the Federal Reserve (Fed).
While the US dollar strengthened but the annual US consumer price which hit its latest 40 -year high in March helped boost the attractiveness of gold as an inflation hedge.
On the other hand, tensions escalated after Ukraine claimed they had shot down the Russian warship Moskva on Wednesday.
Although no one was killed but it is feared that it will provoke another attack from Russia in response to the incident.
At the same time, US President Joe Biden also announced an additional $ 800 million in aid to Ukraine, thus raising concerns that the war would continue and affect the global economy.
