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Gold Hits 8-Month High Amid Russia-Ukraine Tension: Report

Gold prices soared 0.4 per cent at $1,877.96 per ounce, compared to its highest level since June 11 2021, when the price of the precious metal was at $1,879.48.

Gold surged to an eight-month high on Tuesday as the geopolitical tensions between Russia and Ukraine escalated, Reuters reported. 

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According to the report, gold prices soared 0.4 per cent at $1,877.96 per ounce, compared to its highest level since June 11 2021, when the price of the precious metal was at $1,879.48. Notably, the price of US gold futures was up 0.6 per cent to $1.880.20.

Meanwhile, spot gold has risen 5 per cent since January 31. 

Analysts expect the gold prices to top out around $1,920-$1,930. Silver, however, slipped 0.2 per cent to $23.79 per ounce, and platinum eased 0.1 per cent to $1,026.86. 

Rupee also slipped 12 paise settling at 75.72 against US Dollar during early trade on Tuesday, amid heightened geopolitical tensions between Russia and Ukraine. 

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