Gold rises on dollar weakness and Ukraine tensions

February 1, 2022

File image of a Deutsche Bundesbank employee analyzing a gold bar during a press conference in Frankfurt, Germany. January 16, 2013. REUTERS/Lisi Niesner

Por Kavya Guduru

Feb 1 (Reuters) -Gold prices rose for the second straight session on Tuesday, boosted by a weaker dollar and tensions in Ukraine.

* By 1748 GMT, spot gold was up 0.3% at $1,801.69 an ounce. US gold futures gained 0.4% to $1,803.40.

* The dollar fell for the second session in a row, after hitting a 19-month high last week, on weaker-than-expected economic data from the United States and comments from Federal Reserve officials against aggressive rate hikes this year.

* Holdings in SPDR Gold Trust, the world’s largest publicly traded gold-backed fund, rose to their highest level since mid-August on Monday.

* President Volodymyr Zelenskiy signed a decree on Tuesday to increase Ukraine’s armed forces by 100,000 troops for three years and raise soldiers’ pay, as European leaders lined up to back him in his dispute with Russia.

* Among other precious metals, silver was up 0.7% at $22.60 an ounce, platinum was flat at $1,017.76 and palladium was down 0.3% at $2,343.06.

(Reporting by Bharat Govind Gautam and Asha Sistla in Bengaluru; Editing in Spanish by Ricardo Figueroa)