Gold edged up on Friday, a day after prices soared to 18-month highs only to reverse course and close lower after Moscow’s invasion of Ukraine, while supply concerns supported palladium prices.
Spot gold fell 0.4% to $1,894.76 U.S. per ounce early Friday morning, yet was set for a fourth consecutive weekly gain. U.S. gold futures dipped 1.4% to $1,898.50.
Prices of the safe-haven metal on Thursday rallied over 3% to as high as $1,973.96 U.S. after Russia attacked Ukraine, before slipping below the key $1,900 per ounce level. Missiles pounded the Ukrainian capital on Friday.
Palladium was up 0.6% to $2,415.68 U.S. and was on course for a third weekly rise.
The metal touched $2,711.18 U.S. on Thursday, its highest since July last year, as investors feared possible supply disruptions out of Russia, a major palladium producer.
Spot silver inched 0.3% lower to $24.13 U.S. per ounce and platinum fell 0.4%, to $1,053.09 U.S. .
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