Friday, July 1, 2022
HomeNewsGold price eyes up best weekly gain after Russia attacks Ukrainian nuclear...

Gold price eyes up best weekly gain after Russia attacks Ukrainian nuclear power plant

Spot gold rose 0.6 percent to $1,946.41 per ounce by 1am and was on track for a weekly gain of about 3percent. US gold futures also rose 0.6 percent to $1,948.60.

Palladium gained 1.6percent to $2,818.86, after hitting its highest level since mid-July 2021 at $2,835.48 earlier in the session.

Spot silver was up 0.4percent at $25.25 per ounce and set for a fifth consecutive weekly rise, while platinum rose 0.4 percent to $1,084.82.

The early hours of Friday morning saw Europe’s biggest nuclear power plant being attacked by Russian President Vladimir Putin’s tanks.

Live feed from the Zaporizhzhia nuclear power plant in Ukraine was on fire after coming under attack by Russian troops.

Officials have also issued some dire warnings.

Ukraine’s Foreign Minister said an explosion at the site would be “10 times worse than Chernobyl” and President Volodymyr Zelensky accused Russia of “nuclear terror” and wanting to repeat the 1986 disaster.

Escalating nuclear risks drove the gold price to the highest level in six days just above $1,950.

However, Asian equities and the Euro weakened on Friday while oil prices jumped as investors were left frightened by reports of a nuclear power plant on fire.

READ MORE:Russian soldiers head home on foot en masse

“Russia is committing systematic crimes against humanity and attempting to carry out a genocide against the Ukrainian people.

“Russia now threatens the world with nuclear disaster and unimaginable devastation. The depravity and evil of the Russian regime are limitless.

“The world must react strongly NOW to this global danger.”



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