Gold Rises Back Above $1,900 as Ukraine War Concerns Lead to Safe-Haven Buying

Gold prices rose above $1,900 per ounce this morning as investors flock to buy gold as a safe haven investment. In the face of fears that tensions in Ukraine could escalate after Putin vowed to support independence for the two Ukrainian regions, the majority of which are Russian.

  • Gold futures rose $14.80, or 0.78%, at $1,914.60 an ounce.

President Putin confirms the status of an independent state of the Donetsk People’s Republic and the Luhansk People’s Republic, which are located in the Donbas region of Ukraine and are majority Russian.

“Those who took the path of violence, bloodshed and lawlessness did not recognise and don’t recognise any other solution to the Donbas problem besides the military. Therefore I believe it is necessary to take a long overdue decision to immediately recognise the independence and sovereignty of the Donetsk People’s Republic and Luhansk People’s Republic,”

Putin said in a statement televised throughout Russia. In the evening of Monday (February 21)

The recognition will trigger a new conflict over the crisis in Ukraine. This is because the recognition of the status of the two regions will revoke the Minsk Agreement. The agreement aims to end the separatist war in the Donbas after the killing of 15,000 separatists and Ukrainian troops.

The Spot Market is Open

Tuesday, February 22, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
09.00
1,909.20
1,910.20
+6.00
0.32%
1,903.20
1,916.30
Silver
09.00
23.92
24.02
0.00
0.02%
23.86
24.26
Platinum
09.00
1,084.00
1,094.00
+9.00
0.84%
1,075.00
1,099.00
Palladium
09.00
2,352.00
2,502.00
+22.00
0.94%
2,328.00
2,503.00
Rhodium
06.00
17,550.00
19,550.00
0.00
0.00%
17,550.00
19,550.00

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