Gold prices rise amid global political tensions

Gold prices rose on February 1 morning due to tensions in the international arena, again exceeding $1,800 per ounce, Report informs referring to trading data and analysts’ comments.

Thus, the price of the February futures for gold on the New York Comex stock exchange rose by $2.1, or 0.12%, to $1,801.4 per troy ounce. March silver futures rose 0.66% to $22.54 an ounce.

Traditionally, gold acts as a resource that investors prefer to acquire when difficult and dubious situations arise. Recently, the demand for such assets has been supported by visible international tensions, triggered by expressed concerns about the contradictions over Ukraine and Russia.

The focus of investors will also be meetings of the European and British central banks on February 3. In the event of an increase in discount rates, the demand for the national currency will increase, while the demand for the precious metal will decrease.