Gold futures finished higher on Tuesday, kindled by the safe haven appeal of the bullion as the geopolitical tensions intensified. As per reports, Israeli tanks are pushing deeper into Rafah, while Russia has opened a new front in Ukraine, and fresh sanctions have raised concerns about the fragmentation of trade alliances. Additionally, sliding bond yield notes also supported yellow metal investments. Meanwhile, producer prices rose higher than expected in April, and investors are waiting for the CPI figures, for more cues on Federal Reserve’s interest rate trajectory.
Gold futures for June delivery rose by $16.90 or 0.72% to settle at $ 2359.90 per ounce on the Comex division of the New York Mercantile. While, spot gold up by $ 1.14 points or 0.05% to $ 2,359.26 an ounce.