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Gold rises to 5-week high on inflation, Ukraine war

Gold rises to 5-week high on inflation, Ukraine war

Gold rose to a five-week high as the war in Europe, elevated inflation and the risk of a US recession boosted demand for the haven asset.
The precious metal climbed as much as 1% after capping a second weekly gain, following increases in oil and natural gas. The possibility of a de facto European Union embargo on Russian gas and the threat of some curbs on crude in Europe’s next sanctions package have bolstered both commodities. That’s adding to already elevated raw material prices, fuelling demand for gold as a hedge against accelerating inflation.
Meanwhile, gold in Mumbai rallied Rs 400 to reach Rs 53,400 per 10gm, reflecting an uptick in international precious metal prices along with rupee depreciation. The precious metal had finished at Rs 53,000 per 10gm in the previous trade. Silver also jumped Rs 993 to Rs 69,932 per kg from Rs 68,939 per kg in the previous trade.
“Gold prices traded higher with spot gold prices at Comex trading 1% up at $1,993 per ounce on Monday. Gold prices rallied to 1-month high on global market uncertainty over Ukraine conflict which led to safe-haven buying,” said Dilip Parmar of HDFC Securities.

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