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Gold Hits 3-Month High on Heightened Fear of Russia-Ukraine War

Commodities Feb 11, 2022 04:29PM ET
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By Barani Krishnan

Investing.com - The last time gold got above $1,860 was three months ago, and the last time it rose 2% in a day was six months ago — long enough for longs in the market to forget.

But that’s what happened in Friday’s session amid U.S.-fed fears of an imminent Russia-Ukraine war and that, too, after the close of the Comex session that unofficially put the market up 3% for the week.

Gold’s most active contract on New York’s Comex, April, settled up $4.70, or 0.3%, at $1,842.10 an ounce.

That was before the PBS reported that the United States believed that Russian leader Vladimir Putin has decided to invade Ukraine and has communicated those plans to the Russian military.

U.S. National Security Adviser Jake Sullivan later told a White House media briefing that a Russian attack on Ukraine could indeed happen by next week and would likely begin with an air assault. Sullivan, however, added that the White House did not claim that Putin has made a final decision on the matter.

Sullivan's walk back on so-called Russian intent on the invasion did not register, of course, on markets that went berserk on the first flashes about the imminent threat of war. The S&P 500 tumbled almost 3% at one point, Brent oil hit $95 a barrel and gold reached $1,867.25 — which will officially be the high for Monday’s session.

For longs in the market, gold’s ability to sustain above the key $1,800 has been a boon despite repeated fears of excessive U.S. rate hikes this year to deal with soaring inflation.

So, the golden question: Will it get to $1,900 next and by next week?

Geopolitics could now answer that, more than gold’s charts.

Gold Hits 3-Month High on Heightened Fear of Russia-Ukraine War
 

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Comments (7)
Joseph Garlit
Joseph Garlit Feb 13, 2022 1:38PM ET
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26 is the correction to fly 1920
Ahmad Rifai
Ahmad Rifai Feb 12, 2022 10:03PM ET
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where else is the movement of gold...??
Bilal Shehzad
Bilal Shehzad Feb 12, 2022 1:14PM ET
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🤼
Ангел Ангелов
Ангел Ангелов Feb 12, 2022 3:10AM ET
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Russia's foreign exchange reserves are 90% in gold. PUTIN CHANGES FALSE WEAPONS TO PUMP GOLD.America has already started dancing and even announced a date for the invasion of Ukraine. If it is fake news. After this date there may be a sharp drop
Iyarin Boonnum
Iyarin Boonnum Feb 11, 2022 9:33PM ET
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Hahaha, Fake info. Gold up bcoz people sell all US assets and move to Gold. US ALWAYS GIVE FAKE NEWS!!!
Barani Krishnan
Barani Krishnan Feb 11, 2022 9:33PM ET
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Do you even know what's going on here?
Edward Chong
Edward Chong Feb 11, 2022 9:33PM ET
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Abhay Agrawal
Abhay Agrawal Feb 11, 2022 9:02PM ET
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barani ji,could a full fledged war possible with Russia in the current circumstances.I don't think so.some air strikes could be excuted but even Russian economy could not handle the escalation of war post covid. global equity markets are overvalued and are due for correction so there must be a reason to blame for the downfall whether it is war or monetary tightning.most of the developed countries are nuclear powers so they can not afford to fight a full fledged war.yes biological and economical war is the possibility
Barani Krishnan
Barani Krishnan Feb 11, 2022 9:02PM ET
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Abhay, you are one of the few with lucid thoughts on this. Read my characterization of the paragraphs on Russia and you can figure out where I stand on this.
Abhay Agrawal
Abhay Agrawal Feb 11, 2022 9:02PM ET
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thank u sir
Uma shankar
Uma shankar Feb 11, 2022 7:16PM ET
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thanks
 
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