Gold price rebounds amid escalating tensions between Ukraine and Russia
The price of gold is poised to end the week sharply higher, rebounding around 5% to reach $2,680 per ounce. This rebound comes against a backdrop of escalating geopolitical tensions, as the conflict between Ukraine and Russia intensifies.
Ukraine struck Russian territory with its first long-range missiles, triggering an unprecedented response from Russia in the form of intercontinental ballistic missile launches, according to Ukrainian air force sources. Add to this the recent worrying statements by the Russian president, evoking threats of nuclear war. These events pushed investors to massively reposition themselves in safe haven assets such as gold or the dollar, considered a protective value in times of crisis.
Against the euro, the rise in gold is even more pronounced this week, the precious metal gaining almost 6% and returning to test its October 30 record at $2,577, while it is still 3.5% lower than its October 30 record against the dollar.
Gold Price Daily Chart – Key Levels
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