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  • Writer's pictureanalysiswatch

Title: Gold Up, Near 3-Month High as Ukraine Worries Drive Flight to Safety

Feb 14, 2022 11:42PM ET

By: AnalysisWatch

Gold prices rose in Asia on Tuesday morning, heading for a three-month high reached in the previous session. Fears that Russia will invade Ukraine continue to grow, and investors are pulling out of riskier assets.

Gold futures rose at 11.36 p.m. ET, up 0.58% at $1,888.15 an ounce, after hitting $1,873.91 an ounce in the previous session, the highest since Nov. 16.

Global stocks fell on Monday while oil climbed to seven-year highs as the U.S. warned of an imminent Russian invasion of Ukraine, reducing investors' risk appetite.

Yields on 10-year US Treasury bonds also eased, boosting the yellow metal as a safe haven.

In Asia-Pacific, data released later in the day showed that Japan's GDP grew 1.3% quarter-on-quarter and 5.4% year-on-year in the fourth quarter of 2021. Although a decline in the number of COVID-19 cases in the country boosted consumption, rising commodity costs and an increase in new infections with the Omicron variant clouded the outlook.

Australia's central bank also released the minutes of its latest meeting this morning, while the US Federal Reserve will release the minutes of its own meeting on Wednesday.

Fed officials continue to discuss how aggressive future rate hikes should be ahead of their March 2022 meeting. The US releases its producer price index later in the day, while China releases its own PPI and consumer price index a day later.

In other precious metals, silver and platinum rose 0.2% each. Palladium rose 0.3% to $2,386.33 after hitting a two-week high on Monday.

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