Spot gold tested $1,928 on the first day of the week.
Gold started the week with a rise after experiencing its biggest weekly decline since June. Spot gold tested $1,928 in the first trades of the week. Gold fell 3.4 percent last week as the Fed raised interest rates for the first time since 2018.
Mixed messages about the war also have an impact on investors’ decisions. While Russia demanded the surrender of the besieged port city of Mariupol, one of the Ukrainian President’s advisers noted that Russian forces began to use more destructive heavy weapons.
Gold prices, one of the safe assets, continue to find support due to the war, increasing inflation, and slowing growth. According to investors, the Fed has so far failed to reduce inflation.