Gold rises as Ukraine, inflation concerns lift appeal

3.24.22 - Only 1 in 4 Say They're Better Off Than a Year Ago

Gold last traded at $1,963 an ounce. Silver at $25.60 an ounce.

NEWS SUMMARY: Precious metal prices rose Thursday on technical buying despite a firmer dollar. U.S. stocks rose as investors tried to recover losses from the war in Ukraine and weigh the Fed's rate hikes amid persistent inflation.

CNBC--"Gold prices gained on Wednesday as investors looked to shield against soaring inflation and uncertainty caused by events in Ukraine, with a pullback in U.S. bond yields also offering support....

'The market seems to be holding quite well since its sharp correction lower,' with support coming from ongoing geopolitical uncertainty and good physical demand, independent analyst Ross Norman said.

Gold prices advanced to near record highs earlier this month, but then saw a steady decline heading into a key U.S. central bank policy meeting last week. They have since moved into a more steady range.

'What's phenomenal at the moment and a good indicator of a beginning of a gold bull market is ETF (exchange traded fund) demand remains remarkably strong' as institutional investors now start to focus on the inflation story, Norman added.

'In view of the latest steep rise in yields, gold is still holding its own pretty well in our opinion,' Commerzbank analysts said in a note."