Gold price rises amid ongoing geopolitical tensions

Gold prices on March 9 morning rose by about 1% amid the continued withdrawal of global investors from market risks due to international tensions, Report informs.

The price of April gold futures on the Comex New York stock exchange rose by $20.25, or 0.99%, to $2,063.55 per troy ounce. May futures for silver rose 1.28% to $27.24 an ounce.

Gold has been rising in price for five trading sessions in a row, and the metal has risen in price by more than 7%.

Many countries have imposed sanctions against the Russian Federation, and a number of foreign companies have left the country’s market, which increased concerns about the prospects for economic growth, as well as high inflation, against which the precious metal is also used as protection.