Gold Prices Surge as Investors Seek Safe Havens

Gold Surges as Investors Seek Safe Havens

Gold last traded at $1,924 an ounce. Silver at $25.24 an ounce.

NEWS SUMMARY: Precious metal prices eased slightly from 17-month highs Wednesday on mild profit-taking and a flat dollar. U.S. stocks attempted to rebound as oil prices surged amid the intensifying conflict between Russia and Ukraine.

Barrons--"Gold prices surged Thursday as investors fled to the precious metal, typically seen as a safe haven asset, as conflict erupted in Eastern Europe.

Gold traded on the Nymex rose 1.8% to $1,945 per ounce, bringing year-to-date gains for gold to 6.2%. The metal is at its most valuable since the end of 2020.

Russia launched a full-scale invasion of Ukraine on Thursday. The Ukrainian capital Kyiv and cities across the country came under fire, with reports that hundreds of troops have already been killed in airstrikes. Markets have been on edge for weeks over the prospect of war in Europe, with volatility hitting stocks and lifting gold.

'What happened to 'digital' gold,' writes a Barron's subscriber, 'that was supposed to be a store of value, a hedge against inflation and hedge against geopolitical concerns? It looks like the Emperor has no clothes.'"