Gold prices advance as US holiday lull sets in

Gold prices inched up today, Feb. 20, amid risk aversion following the escalation of global geopolitical tensions.

Markets witnessed thin trading amid today’s closure of US financial markets in observance of Presidents Day.

Investors are awaiting the release of the minutes of the Federal Reserve’s last meeting, which is scheduled to be issued on Feb. 22. This may clarify the view of the central bank officials on the monetary policy path.

Gold for April delivery made a marginal hike of 0.2%, or $3.70, to $1,853.90 an ounce at 10:20 am Makkah time. Spot prices also increased 0.19% to $1,845.85 per ounce.

Similarly, silver futures for March delivery gained 0.5% to $21.97 an ounce. Platinum spot price also rose 0.78% to $928.42 per ounce, while palladium spot prices settled at $1,497.97 an ounce.