Gold prices exceed $1,970; palladium jumps over 7.5%

Gold prices continued their sharp rise today, Feb. 24, as investors searched for safe havens to hedge the current geopolitical tensions after Russia launched a military operation in Ukraine.

Ukrainian President Volodymyr Zelenskyy announced today the severance of diplomatic relations with Russia, amid casualties of 40 soldiers and dozens of civilians due to the Russian attack.

Russia claims that it aims to protect pro-Moscow separatists in Ukraine from its military operation, which was launched today.

Gold futures contracts for April delivery rose by 3.22%, or $61.50, to reach $1,971.90 per ounce at 01:25 pm Makkah time. Spot price for the yellow metal rose by 3.23%, recording $1,970.75 an ounce.

Elsewhere, silver futures for May delivery rose 3.83% to reach $25.54 an ounce. Spot price for platinum delivery increased 2.86% to reach $1,126.23, while palladium rose 7.64% to reach $2,669 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, rose by 0.88% to 97.036 points.