Gold jumps as rising Ukraine tensions spur safe-haven demand

2.11.22 - Gold Jumps on Rising Safe-Haven Demand

Gold last traded at $1,867 an ounce. Silver at $23.83 an ounce.

NEWS SUMMARY: Precious metal prices traded near 3-month highs Monday on safe haven buying and geopolitical angst. U.S. stocks traded mostly lower as investors evaluated the Fed's plan for interest rate hikes and tensions between Russia and Ukraine remained unresolved.

Rueters--"Gold prices jumped on Friday to a near two-month peak as concerns over surging inflation and escalating tensions between Russia and Ukraine lifted demand for the safe-haven metal....

A Russian attack on Ukraine could begin any day now and would likely start with an air assault, White House national security adviser Jake Sullivan said on Friday.

'Gold is seeing some safe-haven inflows as we got geopolitical risks out there and worries around the impact that higher rates are going to have on global growth,' said Chris Gaffney, president of world markets at TIAA Bank....

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and financial uncertainty.

The rising Ukraine tensions accelerated a selloff on Wall Street. U.S. equities had declined in the previous session after data showed the biggest annual increase in consumer prices in 40 years, increasing pressure on the Fed to aggressively raise interest rates."