Gold prices are rising to support the demand for safe haven as a result of geopolitical and commercial tension

The price of gold rose 2% after the decline last week, powered by increasing geopolitical and commercial tensions, which revived the demand for safe assets. The precious metal rose 0.8% in Asian transactions, after the Ukraine performed a dramatic series of attacks by Drones in Russia on Sunday, during which military airports targeted in remote areas such as Eastern Siberia. Almost the same time, Moscow launched one of his longest offensive waves on Kiev before decisive peace talks planned for this week. At the end of the week, President Donald Trump also raised more concerns about the world trade, promised to double custom duties on foreign steel and aluminum imports to 50%, which caused the Canadian Minister of Industry to warn an retaliation of a retaliation. Indicators have also shown that the commercial ceasefire between the United States and China is at risk, after Trump accused Beijing of violating an agreement reached last month. Gold regains its attractiveness. These developments contributed to the recovery of gold for its attraction as a safe haven, after the price has dropped a bit as it recorded a record of more than $ 3500 per gram in April. Nevertheless, since the beginning of the year, the gold has been more than a quarter, while Goldman Sachs Group said last week that the yellow metal will remain an effective hedging against inflation within long -term investment portfolios, along with oil. The immediate gold price rose 0.7% to $ 3313.52 per gram at 8:12 a.m. in Singapore. On the other hand, the immediate dollar index fell 0.1%. The prices of silver, platinum and pilatium also recorded a slight increase. As far as the upcoming developments are concerned, a series of labor market indicators will be released this week, including the May Report for the May, which will contribute to the direction of US monetary policy.