Gold tumbles as stronger dollar hurts appetite for safe-haven

worried over the impact the war in Ukraine has on inflation.

Craig Erlam, senior market analyst at OANDA, asserted that gold will remain well supported, adding that the demand for safe havens and inflation hedges remain strong.

As for other precious metals, silver was down 0.3 percent to $25.25 per ounce, while platinum gained 1.4 percent to $1,034.87 per ounce.

Palladium rose 2.3 percent to $2,567.61 per ounce, but suffered a weekly fall of about 8.8 percent as fears about supply from top producer, Russia, eased.

Matt Simpson, senior market analyst at City Index, UK, said China’s intent to tackle COVID-19 with minimal impact to the economy and people’s lives, and promise of further stimulus, have brought palladium bulls back to the table.

This, according to Simpson, follows many sessions of volatile price action that saw platinum, palladium and key metals drop to technical support levels after sharp rallies.