Gold prices rise on geopolitical risks and lower yields
Gold prices rose as geopolitical tensions and lower Treasury yields supported a seventh monthly gain. Strong Chinese demand also boosted the precious metal.
Gold prices advanced on Friday, positioning the precious metal for its seventh consecutive monthly increase. This sustained rally is largely attributed to escalating geopolitical concerns and a decline in United States Treasury yields, which have enhanced the appeal of non-yielding assets. Spot prices rose 0.8% to $5,227.62 per ounce, bringing the total gain for February to 7.4%. In the futures market, United States gold for April delivery also saw an uptick of 0.9%, trading at $5,242.10.
Phillip Streible, the chief market strategist at Blue Line Futures, highlighted the current climate of uncertainty driving investors toward safer assets.
