Gold prices soar on higher inflation fears

Gold prices rose on Wednesday as higher inflation forced investor to buy the yellow metal as a safe have asset.

Moreover, there is uncertainty around Ukrainian crisis which backed demand on gold.

Spot gold prices gained $4.8 or 0.2% to trade at $1926.30 per ounce by 12:30 GMT.

It should be noted that the Federal Reserve chair, Jerome Powell, signaled recently at quicker raising interest rates than previously estimated.

He said that the Fed may raise the rate by more than 25pbs in one meeting or several meetings this year to curb inflation.