Gold edges up as traders weigh Russia-Ukraine ‘energy ceasefire’
Bullion trades near US$4,200 an ounce after rising 1.3% last week
Gold prices rose slightly on Monday as investors considered US President Donald Trump's assertion of an "energy ceasefire" between Russia and Ukraine. The precious metal traded near US$4,200 per ounce, up 1.3% from the previous week. Trump claimed the truce was in effect immediately, following his earlier call for Ukrainian President Volodymyr Zelenskyy to cease attacks on Russian oil refineries. Moscow reportedly agreed to release diesel to global markets, alleviating concerns about a fuel supply shortage.
However, tensions in the Middle East, where Saudi Arabia's main airport came under attack by Houthi rebels, added to inflation worries and the potential for higher energy prices. This could warrant tighter monetary policy, which is unfavorable for non-yielding gold. Spot gold increased 0.3% to US$4,206.86 an ounce as of 8:30 am Singapore time, while silver rose 0.6% to US$60.99. Platinum and palladium also saw gains. The Bloomberg Dollar Spot Index declined.
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