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Gold futures rose Monday as U.S. traders returned from a three-day weekend, with little prospect for a quick end to Russia’s invasion of Ukraine in sight.
Gold for June delivery
GC00,
GCM22,
was up $23.10, or 1.2%, at $1,998 an ounce on Comex, after rising 1.5% in holiday-shortened trading last week. May silver
SIK22,
was up 67.5 cents, or 2.6%, at $26.375 an ounce, after last week’s 3.5% gain. Gold snapped a five-day winning streak on Thursday. U.S. markets were closed for Good Friday.
Apparent Russian missile attacks rocked the western Ukraine city of Lviv Monday, killing at least six, as the country prepared for an all-out Russian assault on eastern Ukraine. Ukrainian troops were holding out in the southeastern port city of Mariupol, which has been largely destroyed, after rejecting Russian demands to surrender.
Gold has rallied on apparent haven demand even as yields on Treasurys have risen and the U.S. dollar has strengthened — both typically seen as negatives for the precious metal.
“Either safe-haven demand has nullified these negative forces or some central bank is acting like a whale, using this opportunity to load up on bullion,” said Marios Hadjikyriacos, senior investment analyst at XM, in a note. “The crippling sanctions on the Russian central bank made it clear that FX reserves are not as solid as gold in a crisis. The next resistance barricade is the psychological $2000/ounce region.”
