Extending winning streak to the fourth straight session, Gold futures finished above $2000 benchmark on Tuesday, marking highest gain in 19 months. The ongoing Ukraine-Russia war, lingering global economic slowdown and soaring inflationary rates spurred hedge appeal of the bullion. The US President Joe Biden announced a ban on Russian oil and other energy imports, while Britain remarked that it is to phase out the import of Russian oil and oil products by 2022.
Gold futures for December rose by 2.4% to $2,043.30 an ounce on the Comex division of the New York Mercantile. While, spot gold climbed by 2.4% to $2,046.49 per ounce.