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Gold prices increase amid escalation in Ukraine
- 24 February, 2022
- 06:14
World gold prices on Thursday morning jumped 1.7% amid the escalation of the geopolitical situation, Report informs.
The price of April gold futures on the New York Comex rose by $32.55, or 1.7%, to $1,942.9 per troy ounce. March silver futures rose 1.75% to $24.988 an ounce.
The precious metal is receiving support as a safe-haven asset on Thursday morning amid the aggravation of the geopolitical situation. The markets reacted to the statement of the President of the Russian Federation Vladimir Putin, who announced a special military operation of Russia in Ukraine.
US President Joe Biden, for his part, said that the United States, its allies and partners on Thursday would impose tough sanctions against Russia.
An escalation in geopolitical unrest could pave the way for increased market volatility, which could help support safe-haven assets such as gold, IG analysts told the Wall Street Journal.
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