Gold prices climb as Ukraine crisis bolsters appeal

Gold prices rose on Monday because of the Ukraine crisis deterioration which resulted in buoying demand for the yellow metal as a safe-haven asset.

Spot gold was up 0.2% at $1,925.46 per ounce by 1110 GMT after losing 2.8% last week.

The US Federal Reserve decided last week to hike rate by 25 bps to 0.50% for the first time since 2018.

Fed’s chair Jerome Powell said on Wednesday that he expects six more rate hikes in 2022 and inflation rate to reach the peak during the second half of the current year.