Gold set for best weekly performance in a year

Gold prices were set for their best performance in a year, supported by safe-haven demand amid escalating tensions in the Russia-Ukraine war, with investors looking for signs of a further cut in US interest rates.

Spot gold rose 0.7% to $2,688.70 an ounce. Gold has risen about 5% on a weekly basis so far, its best performance since early October 2023. US gold futures rose 0.6% to $2,691 an ounce.

Marex analyst Edward Meyer said gold was supported by Bitcoin’s rise to around $100,000 and the escalation between Russia and Ukraine.