Gold rises in price amid geopolitical situation

Prices for gold as an asset-shelter rose on March 25 morning, investors assess the prospects for the global economy under the influence of sanctions against Russia, Report informs referring to the auction data.

The price of April gold futures on the New York Comex stock exchange rose by $0.2, or 0.01%, to $1,962.4 per troy ounce. May futures for silver rose 0.14% to $25.955 an ounce.

Gold continues to be supported by investors’ fears for the global economy against the backdrop of sanctions against the Russian Federation. Traditionally, gold is considered a safe-haven asset, the demand for which rises with geopolitical tensions.

Since the beginning of the week, gold has increased in price by 1.72%, and since the beginning of the month - by 3.25%.

The price of gold is gaining further momentum on news indicating that G7 leaders have agreed to halt any gold transactions involving the Russian Central Bank that would be subject to sanctions.