Gold prices rose to nearly 19-month highs on Monday, as rising concerns about the economic impact of the ongoing Russia-Ukraine war triggered a sell-off in global stock markets and boosted the commodity’s safe-haven appeal.
Worries about inflation following crude oil’s sharp uptick amid fears of a ban on Russian oil by the U.S. and its Western allies also contributed to the jump in gold prices.
The dollar index climbed to 99.42 before paring some gains. At 99.06, the index is up 0.42% from the previous close.
Gold futures for April ended higher by $29.30 or about 1.5% at $1,995.50 an ounce, the highest settlement since August 17, 2020.
Silver futures for May ended down by $0.069 at $25.720 an ounce, while Copper futures for May settled at $4.7310 per pound, down $0.2065 from the previous close.
The White House said it is proposing a ban on oil imports from Russia in reaction to the conflict in Ukraine, posing a risk of global stagflation.
In a letter to lawmakers on Sunday, House Speaker Nancy Pelosi stated that the chamber is exploring a bill that would ban the import of oil and energy products from Russia amid intensified fighting in Ukraine.
In a phone call with Turkish President Tayyip Erdogan, Russian President Vladimir Putin said on Sunday his military operation in Ukraine is progressing according to plan and would not cease without meeting his demands or Kyiv stops fighting.
Russia announced a limited ceasefire and opening of several civilian evacuation corridors in Ukraine’s Kyiv, Mariupol, Kharkiv and Sumy today to allow civilians to evacuate.
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