Gold prices rise amid geopolitical uncertainty

Gold prices rose today, June 26, amid strong demand for the precious metal as a safe heaven and geopolitical uncertainty.

A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, said gold prices would hit a new record before the end of the year, CNN Business reported.

Gold futures for August delivery rose 0.54% to $1,940 per ounce at 11:25 am Makkah time. Spot prices for the yellow metal reached $1,931.42 per ounce, up 0.53%.

Elsewhere, silver futures increased 2.18% to $23.04 an ounce, and spot prices for platinum delivery were up 1.33% to $933.95.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell 0.13% to 102.77 points.