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7 Mar 2022

Gold Crosses $2,000-Mark amid Mounting Ukraine-Russia Tensions

Gold Crosses $2,000-Mark amid Mounting Ukraine-Russia Tensions

The Index Today

Gold soared on Monday morning in Asia after it surpassed the $2,000 level for the first time in 18 months. Mounting geopolitical tensions between Ukraine and Russia have spurred investor interest in safe haven assets like gold as worries over supply disruptions prompted palladium to reach an all-time high.

Gold futures surged 1.33% to $1,992.75 by 12:36am ET (5:36am GMT). This comes after the yellow metal hit a high of $2,000.69 since August 19, 2021 during early trade.

Ilya Spivak, Currency Strategist at DailyFX, said to Reuters, "If this was risk aversion driven by the U.S. Federal Reserve as seen ahead of this war, that wasn't something that lifted gold as that risk aversion was about rising rates, which is not an environment in which gold does well." She added, "This risk aversion, however, is geopolitical, and so there seems to be a reflective demand for non-paper assets."

Palladium surged by 4.3% to $3,130.16 per ounce, after achieving an all-time high of $3,172.22 during the initial session, spurred by fears of possible supply disruptions as Russia produces 40% of the world’s palladium reserves. Meanwhile, platinum gained by 2% while silver rose by 0.4%.

©Photo: Wall Street Journal