Gold touches $2,000 mark as Russia intensifies military strikes in Ukraine

Date:

METALS STOCKS
Gold briefly surged above $2,000 an ounce Sunday night, as Russia’s unprovoked attack of Ukraine saw fresh escalation and Western countries weighed leveling further sanctions on the Kremlin.

Thank you for reading this post, don't forget to subscribe!

In electronic trade, gold hit a Sunday peak at $2,005.20 an ounce before pulling back, after April futures for the precious metal on Friday put in a weekly gain of 4.2%, which was the largest such rise for a most-active contract since July 2020, according to Dow Jones Market Data.

At last check, gold was up 1.4% to around $1,994.40 an ounce.

Sunday’s rise for bullion put it at around highs not seen since August 2020, according to FactSet data.

Russian forces have killed scores of civilians in cities including Kharkiv, Ukraine’s second-largest metropolis, as the military heads toward the capital of Kyiv, The Wall Street Journal reported Sunday night.

On Sunday, U.S. Secretary of State Antony Blinken said that the White House is considering a coordinated embargo of oil out of Russia, one of the largest producers of crude. That comes as Western nations aim to cripple Russia’s economy in response to its belligerence in Ukraine, which has so far resulted in “selected” Russian banks being removed from SWIFT, the international payment network through which almost all financial information flows.

Cease-fire talks are scheduled to be conducted on Monday, but reports indicate a low likelihood of a breakthrough that would see an end to the conflict that has drawn the world’s attention.

Against that backdrop, gold has gotten a lift despite concerns that the U.S. Federal Reserve, and other central banks, will be forced to lift benchmark interest rates rapidly to combat a surge in inflation across the globe, which is expected to be amplified by the conflict in Eastern Europe.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Naira Weakens Further to N1,308/$1 at Official Market

April 25, 2024. Azonuchechi Chukwu. Nigerian Naira depreciated by 0.6 per...

Bandits kill three, kidnap 8 in Kaduna

April 25, 2024. Azonuchechi Chukwu. Bandits have killed three people and...

Lady pours hot cooking oil on man over N100 in Adamawa

April 25, 2024. Azonuchechi Chukwu. A lady identified as Hajara Yusuf,...

Mother, son, one other electrocuted in Ogun

April 25, 2024. Azonuchechi Chukwu. At least three people have been...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading