Gold prices rose on Monday, as investors sought cover of the safe-haven metal against inflation risks and concerns about Russia-Ukraine discord, while markets await cues on rate hikes from the U.S. Federal Reserve policy meeting this week.
Spot gold was up 0.3% at $1,837.91 per ounce, as of 0723 GMT. U.S. gold futures were up 0.3% at $1,836.60.
“Market is waiting for the (FOMC) statements. Crude oil is increasing, so inflation is expected to increase which is underpinning gold prices,” said Jigar Trivedi, a commodities analyst at Mumbai-based broker Anand Rathi Shares.
Capital Ltd (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets.