Increasing tension between Russia and the West over Ukraine pushed gold prices to an eight-month high, as investors turned to the precious metal, which is considered a safe haven.
According to Arabiya Net, gold rose in spot transactions 0.4% to $ 1877.96 an ounce at 0639 GMT, after hitting its highest level since June 11 It amounted to $1,879.48.
Gold rose 0.6% in US futures contracts to $1,880.20 an ounce.
Stephen Innes, director at SBI Asset Management, said the Ukraine crisis is supporting gold at a time when the world is experiencing inflation due to high oil prices, and risk aversion with Shares fell, according to Reuters.
He added: If we lose the momentum caused by the Ukraine (conflict), gold will quickly fall back.
The precious metal got more support as US 10-year Treasury yields fell, lowering the opportunity cost of holding non-yielding gold. The dollar fell slightly, while supporting the attractiveness of gold for buyers holding other currencies.
The price of silver in spot transactions fell 0.2% to $23.79 an ounce, while platinum fell 0.1% to $1026.86, and palladium fell 0.4% to $2,349.82.< /p>
