Gold rises to highest level in a week

Gold prices rose for a third straight session to a one-week high, driven by a weaker dollar and worsening tensions between Russia and Ukraine, which boosted demand for safe-haven assets.

By 03:23 GMT, spot gold was up 0.32% at $2,640.19 an ounce, its highest since Nov. 11.

US gold futures rose 0.5% to $2,643.70 an ounce, according to Reuters.

The US dollar’s rally stalled after hitting a one-year high last week, making gold more attractive to buyers holding other currencies.

Russian President Vladimir Putin eased the stringent conditions for launching a nuclear strike in response to a wide range of conventional attacks, days after reports that Washington had allowed Ukraine to use US-made weapons to strike deep inside Russia.

“The US mandate and Russia’s response… is adding to the uncertainty in the market and boosting safe-haven assets like gold,” said Ilya Spivak, head of global macro at Tastlef. “On the upside, the key resistance level to watch is around $2,700,” he added.