Gold prices rise above $2,000 per troy ounce

Gold prices during trading on the London Metal Exchange rose above $2,000 per troy ounce for the first time since March 11, 2022, Report informs referring to TASS.

During the day, gold traded at $2,003 an ounce.

10:40

Gold prices fell on February 18 morning after reaching $1,900 an ounce on the trading day for the first time since June, Report informs referring to the auction data.

The price of April gold futures on the New York Comex exchange fell by $7.65, or 0.4%, to $1,894.45 per troy ounce. March silver futures rose 0.13% to $23.91 an ounce.

The precious metal market saw a corrective price decline on February 18 morning after the trading day earlier, the price of gold exceeded $1,900 an ounce for the first time since June 2021.

Demand for gold was supported by geopolitical risks associated with the situation around Ukraine. Traditionally, gold has been considered a safe-haven asset.

In addition, the decline in the value of the precious metal on February 18 is supported by the growth of the dollar index (the exchange rate against a basket of currencies of six countries - the main US trading partners) by 0.06%, to 95.85 points. A more expensive dollar makes gold less attractive to buy.