Gold prices rise to 1-month high as Russia-Ukraine crisis dampens risk appetite

Gold prices rose on Monday to their highest since mid-March, as the Russia-Ukraine crisis soured risk sentiment and drove investors to the safety of bullion.

Spot gold was up 0.5% at $1,984.51 per ounce, as of 0445 GMT, hitting its highest since March 14. U.S. gold futures were up 0.7% at $1,988.10
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Seems like there is a bit of risk aversion in the market, with some overhang from the Russia-Ukraine situation, said Ilya Spivak, a currency strategist at DailyFX, while cautioning thin liquidity could possibly exaggerate price action.

Ukrainian authorities condemned Russian artillery attacks on cities in the northeast and the continuing siege of the southern port city of Mariupol, of which Moscow said it had taken almost full control, following almost two months of bloody fighting.

Bullion is considered a safe store of value during times of political and economic crisis.