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Gold Up, Russia Attacks Ukrainian Power Plant in Latest Invasion Development -Breaking


© Reuters

By Gina Lee – Gold was up on Friday morning in Asia and was set for its best weekly gain since May 2021. Investors’ risk appetite fell after Russia attacked a nuclear power plant in Ukraine, the largest of its kind in Europe and the latest development in the Russian invasion of Ukraine.

By 11:49PM ET (or 4:49AM GMT), they were up 0.3% to $1942.10 and are forecast for an average weekly gain of around 3%.

In the latest development in Russia’s invasion of Ukraine, the latter’s after a Russian attack, according to a post by Dmytro Orlov, mayor of the town of Energodar where the plant is located, on his Telegram channel. Chernobyl (Russia’s second nuclear facility) is already under Russian control. It lies 100km (around 6 miles) from Kyiv.

Since the February 24th invasion, Western powers including the U.S., European Unions and the European Unions have placed sanctions against Russian banks, individuals and companies.

London Bullion Market Association questioned six Russian gold refiners to see if any of their commercial relationships were with Russian sanctioned entities. The association informed Reuters that if these connections are found they could impact their accreditation. On Thursday, the Russian Ministry of Finance announced that it will stop buying foreign currency and gold until 2022 as part of an order suspending parts of its fiscal rules relating to extra oil and gas revenue.

Other precious metals saw palladium rise 1.6% to $2818.86 after reaching its highest point since mid-July 2021, when it was at $2,835.48.48 earlier in session. Auto-catalyst Metal was forecast to see a 20% increase, which is its highest weekly growth since mid March 2020. Platinum and silver gained 0.4%.

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