Gold climbs above $1,910, oil prices rising with Russia-Ukraine tension

By Ovunc Kutlu

ANKARA (AA) - The price of gold climbed above $1,910 on Tuesday as investors see it as a safe bet against Russia-Ukraine tension, while oil prices were also on the rise again.

Gold was near $1,914 per ounce earlier Tuesday, its highest level since June 1, 2021, according to official figures. It later retreated to $1,905 at 1815 GMT.

Silver also hit $24.37 per ounce before settling at $24.26.

Despite showing losses last week with promising Iran nuclear talks, crude oil prices were rising, again.

International benchmark Brent crude for May 22 delivery was up 1% to $93.90, while American benchmark West Texas Intermediate (WTI) was at $92.28 a barrel for a 2.3% gain.

On the spot market, the price of Brent, XBR, climbed to as high as $99.05 per barrel, while WTI spot price soared to $96.62.

The Russian upper chamber of parliament, the Federation Council, earlier unanimously authorized the use of the Russian armed forces in Ukraine.

Russian President Vladimir Putin signed a decree late Monday recognizing the pro-Russian separatist regions in eastern Ukraine and ordered military troops to the region for the alleged purpose of peacekeeping.