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Reuters

Gold inches higher as Ukraine conflict lifts safe-haven bids

Gold prices edged higher on Wednesday as concerns of an escalation in the Russia-Ukraine conflict increased safe-haven bids for the precious metal, although a firmer U.S. dollar capped bullion’s gains. Spot gold was up 0.2% at $1,969.61 per ounce, as of 0400 GMT, after hitting a near one-month peak of $1,978.21 on Tuesday. “Gold is benefiting from some safe-haven demand this week as inflation fears grow, China growth stumbles and the war in the Ukraine gets set for round two,” said OANDA senior analyst Jeffrey Halley.

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