Russia-Ukraine war: Gold prices skyrocketed

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As Russia invaded Ukraine, gold prices skyrocketed to their highest level in more than a year, reported Hindustan Times.

In India, the gold price today surged by ₹1,400 , hitting the peak of ₹51,750 per 10 gms in the early morning trade. This comes amid steep fall in the stock market with Sensex down by 1432.50 points and Nifty reporting a slump of 410.70 points at the time of opening. Several Asian stock markets also plunged in the aftermath of the Russian invasion.

The bullion has witnessed a spike amid the increasing standoff between Russia and the West. Economic experts say gold is now being historically seen as a hedge against major economic and geopolitical ructions.

Spot gold jumped as much as 2.1% to $1,949.03 an ounce, the highest level since January 2021, and traded at $1,939.55 at 1:08 p.m. in Singapore, news website Bloomberg reported.

“Big flight to safety happening in markets right now and the only true safe haven appears to be gold, with crypto markets tumbling,” Bloomberg quoted John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia.

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