Gold Up, Russia Attacks Ukrainian Power Plant in Latest Invasion Development By

© Reuters

By Gina Lee – Gold was up on Friday morning in Asia and was set for its best weekly gain since May 2021. Investors’ risk appetite fell after Russia attacked a nuclear power plant in Ukraine, the largest of its kind in Europe and the latest development in the Russian invasion of Ukraine.

were up 0.32% to $ 1,942.10 by 11:49 PM ET (4:49 AM GMT) and were set for a weekly gain of about 3%.

In the latest development in Russia’s invasion of Ukraine, the latter’s after a Russian attack, according to a post by Dmytro Orlov, mayor of Energodar town where the plant is located, on his Telegram channel. Russia has already captured another nuclear plant, Chernobyl, which is 100KM (around 62 miles) north of Ukraine’s capital, Kyiv.

Western powers, including the US and the European Unions, have slapped sanctions on Russian individuals, companies, banks and the Central Bank of the Russian Federation (Bank of Russia) since the invasion began on Feb. 24.

The London Bullion Market Association asked six Russian gold refiners it accredits if they have commercial links with sanctioned Russian entities and if found, the links could affect their accreditation, the association told Reuters. The Russian Ministry of Finance said on Thursday that it is halting purchases of foreign currency and gold for 2022, a part of a suspension of parts of its fiscal rule relating to the use of extra oil and gas revenues.

In other precious metals, palladium jumped 1.6% to $ 2,818.86, after hitting its highest level since mid-July 2021 at $ 2,835.48 earlier in the session. The auto-catalyst metal was set to gain about 20%, its best weekly rise since late March 2020. Silver and platinum gained 0.4%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link