Gold, Silver, Platinum Prices & Investments.
GOLD PRICES have hit a record high, rallying after speculators cut their bullish Comex bets but gold ETFs continued to expand as European stock markets cut earlier gains amid fresh Russian attacks on Ukraine’s capital Kyiv, writes Atsuko Whitehouse at BullionVault.
The Ukraine w#r coming to the 1-month with no ceasefire or end in sight, gold prices in US Dollar terms rose to $1935 per ounce after dipping below $1920 last Monday morning. The spot market also rose for Wholesale Bullion for UK and Euro investors, reaching £1465 and €1750 respectively.
Ukraine has seen their growing shares in issue need an additional 67 tonnes of bullion backing, expanding their aggregate holdings to 1,594 tonnes, the biggest since March 2021.
Oil prices meantime surged, taking Brent crude 14% higher since Wednesday, as the European Union was reported to be considering a Russian oil embargo this week. US President Joe Biden is due in the region for Nato, Group of 7, and EU summits, aiming to agree more steps against Moscow.
Aluminum prices jumped 5.1% after Australia announced an immediate ban on alumina exports to Russia. Russia accounts for about 6% of the global supply of aluminum and Australia supplies almost 20% of Russia’s alumina, the key ingredient for producing the industrially useful metal. The price of palladium – of which Russia accounts for 40% of the world’s total mine production.
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Prices for silver, increased by 0.2% to $25.03 per ounce which finds an annual demand of nearly 60% industrial uses.
Platinum, finds two-thirds of its worldwide demand from industrial uses led by auto-catalysts, rose 0.2% to $1029 per ounce. “This renewed safe-haven buying in the form of ETFs and physical investment demand will keep prices elevated so long as the Fed does not drastically hike real rates into positive territory,” said Swiss refining and finance group MKS Pamp in their recently revised 2022 precious metals forecast.
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