Gold prices rise above $1,800 as geopolitical tensions continue

Gold prices rose today, Feb. 1, with increased demand for safe havens amid geopolitical tensions between Russia and Ukraine.

Investors are also awaiting the release of the monthly jobs report in the United States for January at the end of this week, amid expectations that the economy will add 153,000 jobs.

Mary Daly, President of the Federal Reserve in San Francisco, told Reuters that the US Central Bank will raise interest rates gradually, starting from next March, to 1.25% by the end of 2022.

Gold futures contracts for April delivery rose by 0.43% to reach $1,804.20 per ounce at 11:35am Makkah time. Spot price for the yellow metal gained 0.32% to reach $1,802.85 per ounce.

Elsewhere, silver futures for March delivery rose 1% to reach $22.62 an ounce. Spot price for platinum delivery increased 1.6% to reach $1,038.15, while palladium gained 1.12% to reach $2,381.72 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell 0.12% to reach 96.422 points.