Gold returned over $ 1,800

Gold closed higher on Tuesday, completing two consecutive uptrends and returning above the $ 1,800 level for the first time in almost a week.

In particular, the April delivery of gold earned $ 5.10 or 0.3% and completed the trading at $ 1,801.50 per ounce. This is the highest level since January 26.

The precious metal was boosted today by the decline of the US dollar against its competitors and the geopolitical tensions in the shadow of the Ukrainian crisis. Russian President Vladimir Putin said today that the West ignored Moscow’s key concerns in the official responses he sent last week, dashed any hopes for progress in the West-Russia talks on de-escalating the crisis.

The Russian president, however, expressed hope that the dialogue on Ukraine would continue, in order to avoid “negative scenarios”, such as the possibility of a war.

Silver also made gains, with the March contract adding 20 cents, or 0.9%, to $ 22,595 an ounce. Copper made strong gains, with the red metal climbing 2.5% to $ 4,434 a pound.

For the rest of the metals, April platinum gained 0.2% to $ 1,023.20 an ounce, while palladium for March fell 0.4% to $ 2,346.50 an ounce.