Gold crosses $2000 mark, palladium at record high on Ukraine crisis – Reuters.com
- Date: 07-Mar-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Middle East
Gold crosses $2000 mark, palladium at record high on Ukraine crisis – Reuters.com
March 7 (Reuters) - Gold prices on Monday scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.
Spot gold was up 0.9% at $1,986.83 per ounce, as of 0330 GMT, after scaling to its highest since Aug. 19, 2021 at $2,000.69 earlier in the day. U.S. gold futures rose 1.3% to $1,992.00.
"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," said Ilya Spivak, a currency strategist at DailyFX.
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