Last Thursday, a weak dollar and data indicating a spike in the United States consumer prices boosted the yellow metal’s appeal as an inflation hedge. Spot gold prices recouped losses to trade 0.2% higher at $1,835.71 per ounce. The U.S. gold futures settled unchanged at $1,837.40 per ounce.
On top of that, gold prices jumped to a near two-month peak on Friday due to the escalating tensions between Russia and Ukraine. Spot gold rose 1.6% to $1,855.17 per ounce, reflecting its highest gains since November 19, and was poised to surge 2.5% weekly. Gold prices hit multi-month highs in the $1860s last Friday amid rising geopolitical concerns.
