Gold prices cross $1,850 on Ukraine-Russia tensions

Gold prices continued to rise today, Feb. 14, after recording a weekly gain of 2% last week, coinciding with the intensification of geopolitical tensions over Ukraine.

The United States warned on Sunday that Russia could create a sudden pretext to invade Ukraine, despite Moscow's insistence on denying any intention to carry out a military attack against Ukraine even as more than 100,000 military troops are massed near the Ukrainian border.

Jake Sullivan, the White House's National Security Adviser, called on US citizens in Ukraine to leave within 24 to 48 hours at a news briefing last weekend.

Gold futures contracts for April delivery rose by 0.63%, or $11.60, to reach $1,853.70 per ounce at 10:30 am Makkah time.

Spot price for the yellow metal fell by 0.24%, recording $1,854.23 an ounce, after it reached $1,865.15 in the last session - the highest level since Nov. 19, 2021.

Elsewhere, silver futures for March delivery rose 1.44% to reach $23.71 an ounce. Spot price for platinum delivery increased 0.73% to reach $1,038.30, while palladium rose 1.81% to reach $2,350.18 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 96.040 points.