The prices of urgent contracts for the yellow metal recorded a significant increase during trading yesterday, Tuesday, February 22, 2022, with the increase in the attractiveness of gold as a safe haven for investment in light of the escalating tension over the growing fears of Russian intentions against Ukraine, and the decline of the dollar also helped increase the prices of the yellow metal, this In addition to the weakness of stock markets, the dollar value index fell against the major currencies yesterday to 95.84 points during Asian trading, before the index recovered part of its losses when it recorded 96.04 points.
The price of the futures contract increased by $7.60
And by $ 7.60, the price of gold futures contracts rose yesterday, Tuesday, by 0.4%, to $ 1907.40 an ounce for delivery next April.
As for silver, its price increased by $0.318, $24.365 an ounce for delivery in May.
European sanctions against Russia
The European Union intends to restrict Russia’s access to financial markets, while Britain announced imposing sanctions on five Russian banks, and the United States of America also announced its intention to impose a package of sanctions on Russia at a later time, as a result of Russia’s announcement of sending peacekeeping forces, as it calls them, to the “Donetsk” regions. And Luhansk, which declared their independence from Ukraine unilaterally, after Moscow recognized their independence on Monday.
On the economic level, an economic report published yesterday showed a decline in consumer confidence in the United States of America during the current month of February to 110.5 points, compared to 111.1 points during the previous month.