Gold On track For Third Weekly Gain – 24 March, 2022

Gold is on course for its third weekly gain as the Russian war on Ukraine escalates and investors look to a safe haven asset. Spot gold was up 0.2% to $1,960.84 per ounce. U.S. gold futures were flat at $1,961.70 per ounce. The precious metal jumped 2% this week, despite hovering near a one week low the previous session. Leaders have continued to show support to Ukraine and denounce Moscow’s invasion by providing military support and humanitarian aid. Higher interest rates increased bullion’s appeal, however the ongoing war and spike in oil prices underpinned gold prices.