Editor’s Note
Gold and silver prices rose on Monday, driven by geopolitical concerns and a softer U.S. dollar. April gold futures settled at $2,345 per ounce, while March silver futures reached $28.50 per ounce.
Gold and silver prices advanced on Monday, supported by heightened geopolitical tensions and a weaker U.S. dollar. April gold futures rose by 1.2% to settle at $2,345 per ounce, while March silver futures gained 2.8% to $28.50 per ounce.
Analysts pointed to escalating conflicts in the Middle East and Eastern Europe as key factors driving safe-haven demand. The market is closely monitoring developments that could disrupt global trade flows and energy supplies, traditionally bullish catalysts for precious metals.
The U.S. dollar index fell 0.5%, making dollar-denominated gold and silver cheaper for holders of other currencies. Traders are also assessing the implications of the stronger-than-expected January U.S. jobs report on the Federal Reserve’s future interest rate path.
Technical analysts note that gold has broken above key resistance at $2,320, opening the path toward the $2,380 level. The latest CFTC data showed money managers increased their net-long positions in both gold and silver futures in the week ending February 7th.