Gold rises amid geopolitical tensions, weak dollar

 Gold bars

Gold prices increased on Monday as markets assessed renewed geopolitical tensions between Russia and Ukraine, ahead of the second round of peace negotiations.

Gold futures for August delivery — the most actively traded contract — rose by 0.75%, or $25.30, to $3,340.70 per ounce.

Spot gold prices also increased by 0.85%, or $27.91, to $3,317.16 per ounce as of 8:31 a.m. Mecca time.

Meanwhile, the US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, fell by 0.15% to 99.20 points.

Silver futures for July delivery rose 0.6% to $33.23 per ounce, while spot palladium dropped 0.2% to $972.07. Spot platinum declined 0.35% to $1,054.38.

According to Axios, Ukrainian intelligence operatives launched 117 attack drones from trucks secretly positioned near Russian airbases, damaging approximately 40 Russian military aircraft in the strike.

Later today, Federal Reserve Chair Jerome Powell is expected to deliver opening remarks at a conference marking the 75th anniversary of the Federal Reserve Board's Division of International Finance.