Precious metals Gold and Silver were ranked as top gainers this week, recording massive gains from yesterday with Gold attaining a new high at $1,981 and Silver hitting a new high at $25.860, marking two weeks of consecutive payments for both metals since April. Gold had made over 2% gain while Silver had recorded a 2.5% gain in April.
Gold and Silver have become a haven for investors as the Russian-Ukraine crisis takes on a heightened face. The failure of Russia and Ukraine to arrive at peaceful talks after several meetings has given investors a strong impression that the war could last longer and take on increased violence in the coming weeks. The disheartening utterance from the Russian President that all ‘peace talks’ have come to a dead endpoint clearly to this. Investors were forced to push their capital into Gold once more after the Russian President revealed that a seven-week offensive plan would be embarked on by Russia alongside a special operation to disarm its Western neighbors seeking to interfere in the war. This accounted for the sudden spike in Gold yesterday, taking the gold price to a new high at $1981.
There is a higher demand for Gold and Silver, primarily as the Easter festivity draws nearer by the weekend. Given these two supporting factors for the precious metals, Gold will likely retest $2000 soon while Silver might revisit its previous ATH at 29.740. There seems to be little profit-taking during the Asian session for the two precious metals. The bullish trend will likely dominate throughout the week.