Title: Gold Up, Russia Attacks Ukrainian Power Plant in Latest Invasion Development
Mar 03, 2022 11:52PM ET
In Asia on Friday morning, gold prices rose in Asia on Friday morning, on track for their best weekly rise since May 2021, as investor risk appetite waned after Russia attacked a nuclear power plant in Ukraine, the largest of its type in Europe, in the most recent development in Russia's invasion of Ukraine. Gold futures are up 0.32% to $1,942.10 at 11:49 a.m. EDT and are on course for their best weekly advance since May 2021.
The latest update on the Russian invasion of Ukraine is that the Zaporizhzhya nuclear power plant caught fire early Friday morning after the Russian assault, Dmytro Orlov, mayor of Energodar, where the plant is located, told Telegram. Russia has already occupied another nuclear power plant, Chernobyl, 100 km north of the Ukrainian capital Kyiv.
Western powers, including the US and the European Union, have imposed sanctions on Russian individuals, companies, banks and the Central Bank of the Russian Federation (Bank of Russia) since the invasion began on 24 February.
The London Gold Market Association has asked six Russian gold refiners it has endorsed whether they have business relationships with sanctioned Russian companies. If so, those ties could affect their accreditation, the association told Reuters. The Russian Finance Ministry said on Thursday it was suspending foreign currency and gold purchases for 2022. It said it was part of a suspension of part of the tax rules on the use of additional oil and gas revenue.
In other precious metals, palladium rose 1.6% to $2,818.86, having earlier touched $2,835.48, its highest level since mid-July 2021. The automotive catalyst metal was expected to strengthen about 20%, its best weekly gain since late March 2020, while silver and platinum added 0.4%.