NEW YORK (FX Street) - Gold has become a winner amid escalating tensions between western countries and Russia.
Investors have rushed to safe havens like gold, pushing its price to the highest level since June last year.
Gold has risen in 13 of the past 15 sessions and from this year’s low of $1,780 to $1,900. Analysts expect that gold could keep rising in the coming months if tensions rise.
Other metals like silver, platinum, and palladium have also been in an upward trend.
The euro declined on Monday morning as traders waited for key economic data from Europe. In Germany, the statistics agency will publish the latest producer price index (PPI) data. The PPI is expected to show that the PPI rose to 1.5% in January leading to a year-on-year gain of 24.2%.
That will be the highest increase since the data was collected. Later, Markit will publish the flash manufacturing and services PMI numbers from Germany, France, and the European Union. Economists expect the data to show that business activity in Europe continued to do well in February as countries reopened.