With the Attack on Ukraine by Russia, Gold Hit the Top Level in a Year

Gold prices soared to their greatest level in over a year as Russia invaded Ukraine.

Following the Russian invasion, many Asian financial markets plummeted. The gold price rose by 1,400 rupees throughout India, reaching a high of 51,750 rupees per ten gram in the early morning session. This comes amid the Sensex down 1432.50 points, a sharp drop in the stock market, and the Nifty down 410.70 points at the outset.

The price of gold has risen as tensions between Russia, and the West have grown. According to economic experts, gold has now been viewed as a historical hedge for major geopolitical and economic turbulence.

According to news portal Bloomberg, the spot gold rose 2.1 percent to $1,949.03 an ounce, its highest level until January 2021, and was trading at $1,939.55 at 1:08 p.m. within Singapore.

Gold reaches a 13-month high, Palladium increases 3% to its highest level until mid-August, Putin orders military action in Ukraine, and Brent surpasses $100 per barrel for the first time from 2014.

On Thursday, gold prices rose over 2% to their highest level in over a year. At the same time, palladium costs continued to soar as Russia initiated an all-out invasion of Ukraine post-President Vladimir Putin declared a “special military operation.”

“Big flight to safety happening in markets right now and the only true haven appears to be gold, with crypto markets tumbling,” As per Bloomberg, John Feeney, a business development manager, at Sydney-based bullion trader Guardian Gold Australia, Bitcoin fell to a month low post Putin initiated a military incursion in Ukraine. Following an initial Tass report, the biggest token declined 7.4% to $34,783.

Russian President Vladimir Putin, earlier in the day, announced a military action in Ukraine, describing it as a step toward the country’s ‘demilitarisation and denazification.’ According to sources, military command centres in Ukraine’s capital Kyiv and Kharkiv have been targeted by missiles.