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Gold prices surged as tensions between Moscow and the West grew, owing to the possibility of Russian forces entering the Donbass and rising worries of a full-scale invasion of the Ukrainian territory.
Gold futures for April raised by $3, or 0.2 percent, to $1,910.40 per ounce, the highest closing level since January 7, 2021.
The Russian-Ukrainian scenario "remains unpredictable," according to Jim Wyckoff, senior analyst at Kitco.com. "A military miscalculation by one side might lead to a dramatic escalation of the conflict," he said. "In terms of markets, the primary issue traders and investors are asking is whether the uncertainties and fears have passed their height," he says.
Traders prefer to "figure in the most bleak scenario in prices, which rarely materializes," according to Wyckoff. However, he noted that "a further increase in tension, such as a full-scale Russian invasion of Ukrainian land, might further destabilize markets" in the current geopolitical context.
source: dowjones.com
Gold futures for April raised by $3, or 0.2 percent, to $1,910.40 per ounce, the highest closing level since January 7, 2021.
The Russian-Ukrainian scenario "remains unpredictable," according to Jim Wyckoff, senior analyst at Kitco.com. "A military miscalculation by one side might lead to a dramatic escalation of the conflict," he said. "In terms of markets, the primary issue traders and investors are asking is whether the uncertainties and fears have passed their height," he says.
Traders prefer to "figure in the most bleak scenario in prices, which rarely materializes," according to Wyckoff. However, he noted that "a further increase in tension, such as a full-scale Russian invasion of Ukrainian land, might further destabilize markets" in the current geopolitical context.
source: dowjones.com
