Gold prices rose on safe-haven demand amid concerns about rising inflation and the war in Ukraine. Gold futures for August delivery rose $16.90, or 1.2%, to settle at $1,849.00 an ounce on the Comex division of the New York Mercantile Exchange.
Silver prices fell on profit-taking after reaching a two-year high on Friday. Silver futures for July delivery fell 33.5 cents, or 1.5%, to settle at $21.81 an ounce.
Other precious metals also traded mixed. Platinum futures for July delivery rose $16.30, or 1.1%, to settle at $1,250.30 an ounce, and palladium futures for September delivery rose $10.70, or 0.7%, to settle at $1,925.60 an ounce.
The mixed performance of precious metals markets on June 12 reflects the conflicting forces that are driving the market. On the one hand, there is safe-haven demand for gold amid concerns about rising inflation and the war in Ukraine. On the other hand, there is profit-taking after silver reached a two-year high on Friday.
Analysts say that the precious metals markets are likely to remain volatile in the near term as investors weigh the risks and rewards of holding these assets.
Ben Tang
News Desk
