By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia. After hitting a 19 month peak in the last session, the after was supported by safe-haven interest as U.S. Treasury yields increase and the ongoing conflict in Ukraine.

The price of $2,065.70 rose by 1.10% at 12:20 PM ET (5:20 GMT) Their previous session was a close second to the august 2020 record at $2,072.49, which they reached in the last session. Although the dollar moved in an opposite direction to gold on Tuesday, it fell slightly on Wednesday, but was still close to its more than one-and a half-year-high on Monday.

Margaret Yang from DailyFX, a DailyFX strategist, said that aside from the U.S. and UK bans on Russian oil imports (which isn’t impacting gold very much), “there seems not to be a further escalation of tensions between Russia et Western powers.”

“Geopolitical catalysts drive gold. Once the political sky clears, I see gold prices plummeting rapidly back to $1,800.”

The yields on U.S. Treasury bonds rose, and the U.S. Federal Reserve is expected to raise interest rates during its next week. On Thursday, the European Central Bank (ECB) will give its.

The price of palladium rose 3.3%, to $3,284.67 an troy ounce. It has risen 38% since Feb. 24, after the Russian invasion. Russia is a significant global producer.

“Palladium could move much higher because out of all the commodities, it has the highest percentage share coming out of Russia,” ED&F Man Capital Markets analyst Edward Meir told Reuters.

It took out the high last year just this week. This tells me, therefore, that if the high is from last year, it should be higher after invasion.

The price of silver increased 1%, to $26.66/ounce after reaching a nearly nine-month high Tuesday. Platinum rose 1.2%.