https://www.engineeringnews.co.za

Gold climbs as haven demand gains on shelling of nuclear plant

4th March 2022

By: Bloomberg

  

Font size: - +

Gold climbed on increased demand for the haven asset, after the shelling of Europe’s largest nuclear power plant raised concerns over the safety of the facility in Ukraine.

Bullion is heading for a weekly gain as investors weigh the economic fallout from Russia’s invasion of its neighbor. The resulting surge in oil prices has stoked concerns about global growth and inflation risks.

The war in Europe is disrupting flows of energy, grains and metals, intensifying existing prices pressures in the global economy. Investors have sought out bullion as a store of value amid the uncertainty, with inflows into exchange-traded funds backed by the metal amounting to about 34 tons this week, according to initial data compiled by Bloomberg.

Spot gold rose as much as 0.8% to $1,950.88 an ounce, before trading at $1 940.74 at 9:24 a.m. in Singapore. Prices are up more than 2% this week.

Palladium added 1.6%, bringing this week’s gain to about 19%, on concerns over potential supply disruptions as Russia produces about 40% of the metal mined globally. Silver was steady and platinum rose.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sweet-Orr
Sweet-Orr

Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.057 0.97s - 140pq - 2rq
Subscribe Now