The yellow metal’s trading is settling at its highest level in two months, the highest levels of $ 1838 an ounce, this morning, Thursday, January 20, with the opening of the European markets, after gains that exceeded the 1.7% recorded by the yellow metal yesterday, Wednesday, in the American session, by $ 30, benefiting from its status as one of the most important hedging tools. of inflation in the world and one of the most important safe havens.

Gold prices ignored the approaching date of the US Federal Reserve, which meets next week to determine its monetary policy, amid expectations that it will be the first Fed hike in the March meeting, and despite the fact that the markets have become more tight-lipped than the Fed during the year by four times the interest rate hike.

The yellow metal interacted with global inflation concerns yesterday, Wednesday, especially from inflation figures in the United Kingdom to 5.4% in December, compared to 5.1% in the highest reading of the annual index in the series of national statistical data, which began in January 1997, in addition to the rise in inflation in Canada to 4.8% in It reached its highest level in 30 years on an annual basis in December.

The rise in global inflation figures raised the market’s fears about the continued rise in prices during the current year, and thus formed support for the yellow metal, given that, as we mentioned, it is one of the most important global hedging tools against inflation.

Geopolitical tensions in the West also formed an additional factor supporting gold prices, as skirmishes intensified between Russia and the United States of America after US President Biden indicated that he expected Moscow to move towards Ukraine after it mobilized 100,000 soldiers near the borders of Ukraine, for the Biden administration to announce about $200 million. Additional defense military aid to Ukraine.

The rise in the VIX volatility and fear index by more than 5% and its stability at 23.85 levels explains the severity of tensions as well and the high demand for safe havens.

Silver rose by about 3% during yesterday’s session, outperforming gold, and closed at levels of 24.13 dollars per ounce, and it is now trading at 24.06 dollars, down slightly by 0.05%.

Platinum, in turn, is trading at levels of 1.029 dollars, an increase of about 0.72% this morning, while palladium rises by 0.12%, and it is trading at 2.004 dollars