Gold prices recorded stability in the previous session, near its highest level in a week, despite concerns about Russia and Ukraine, which kept the metal, which is a safe haven for value, supported, while markets awaited important US inflation data for the schedule to reduce the stimulus measures by the Federal Reserve.
According to Al Arabiya Net, the price of gold in spot transactions settled at $ 1819.71 per ounce, after hitting its highest level since January 26 yesterday.
US gold futures fell 0.1% to $1,820.4.
DailyFX analyst Margaret Yang said that the political tensions surrounding Russia and Ukraine are pushing gold prices higher, adding: Investors are looking forward to US inflation data expected on Thursday.
She indicated that inflation in January is expected to rise from its levels in December.
A Reuters poll showed that the US consumer price index is expected to rise 7.3% in January, the highest increase since 1982.
Gold is considered a hedge against inflation and political risks, but raising interest rates increases the opportunity cost of buying non-returnable gold.
As for other precious metals, the silver price fell 0.56% to $22.86 an ounce, while the platinum price fell 0.5% to $1015.20, and palladium fell 0.2% to $2258.29.
