Gold prices rise by $23, palladium surges by 6%

Gold prices jumped today, Feb. 28, with the situation in Eastern Europe continuing to be tense, and the tendency of Western countries to apply more sanctions against Russia in response to its invasion of Ukraine.

Russia ignored the sanctions against it, as President Vladimir Putin announced on Sunday that the country's deterrent forces, which include nuclear weapons, are on high alert.

While Goldman Sachs expects a rise in the prices of commodities, of which Russia is a major producer, in light of the West's escalation of political and economic sanctions against Moscow.

Gold futures contracts for April delivery rose by 1.22%, or $23.10, to reach $1,910.70 per ounce at 09:50 am Makkah time. Spot price for the yellow metal rose by 0.97%, recording $1,907.74 an ounce.

Elsewhere, silver futures for May delivery rose 1.59% to reach $24.40 an ounce. Spot price for platinum delivery increased 0.43% to reach $1,063.91, while palladium rose 5.89% to reach $2,508.25 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.67% to reach 97.264 points.