Gold prices decrease after recent growth

Gold prices fell slightly on March 2 morning after rising by more than 2% the day before, due to increased international instability caused by the situation between Russia and Ukraine, Report informs.

The price of April gold futures on the Comex New York stock exchange fell by $6, or 0.31%, to $1,937.75 per troy ounce. May silver futures fell 1.05% to $25.273 an ounce.

The price of the precious metal reached $1,952.6 an ounce a day earlier, the highest since January 6, 2021. On March 2 morning, gold was somewhat cheaper as part of the profit-taking by investors.

Gold is getting advantage now as a safe-haven asset. Earlier, a number of countries introduced restrictive measures against Russia after the start of a military operation in Ukraine. On March 1, the permanent representatives of the EU countries to the EU approved a series of sanctions against Russia, including the disconnection of certain Russian banks from SWIFT.

Following this, there were also fears that global economic growth could slow down after the imposition of sanctions against Russia, wrote Phillip Nova analysts, quoted by the Wall Street Journal.