Gold futures spiked today as traders remained bullish on the prices given the uncertain state of affairs on the Russia-Ukraine front. Gold rose impressively last night as the release of the Fed minutes didnt provide clear signs that a 50 basis point rate hike in March was given. Market also eyed statement from the US Secretary of State Antony Blinken noting that there werent any signs of a meaningful pullback of Russian forces from the border with Ukraine. COMEX Gold futures surged 1% to approach fresh eight month high of $1890 per ounce today. However, a heavy slide in crude oil prices and firm US dollar could make the sentiments volatile for the metal now.
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