Gold hits over 1-month high as Ukraine crisis weakens risk appetite

Ukrainian soldiers resisted a Russian ultimatum to lay down arms on Sunday in the pulverised port of Mariupol, which Moscow said its forces had almost completely seized in what would be its biggest prize of the nearly two-month war.

Bullion is considered a safe store of value during times of political and economic crisis.

Gold posted its second straight weekly gain on Thursday, buoyed by safe-haven demand amid the Ukraine crisis and soaring inflation. Most markets were closed on Friday for a holiday.

Restraining advances in zero-yield gold on Monday, yields on the benchmark 10-year US Treasury note firmed to their highest since December 2018.

While another test of $2,000 is likely the path of least resistance for gold, $2,100 is the bigger, more potent figure to keep an eye on, as there are some meaningful peaks there that would need to be overcome to make the case for lasting gains, Spivak said.

Meanwhile, China's economy grew at a faster-than-expected clip in the first quarter, official data showed on Monday, expanding 4.8 percent year-on-year, but the risk of a sharp slowdown over coming months has risen as sweeping COVID-19 curbs and the Ukraine war take a toll.

Spot silver rose 0.7 percent to $25.87 per ounce, platinum gained 1.2 percent to $1,001.57, and palladium climbed 1.6 percent to $2,406.85.