Title: Gold Up as Ukraine Crisis Deepens
Feb 21, 2022 11:01PM ET
Gold rose in Asia on Tuesday morning after Russia recognized two separatist regions in eastern Ukraine and ordered troops to be sent to those regions.
By 10:43 p.m. EDT, gold futures were up 0.62% to $1,911.45. The dollar, which usually moves inversely to gold, rose Tuesday morning. As tensions between Russia and Ukraine escalate, investors are turning to safe-haven assets.
On Monday, Russian President Vladimir Putin recognized two separatist regions in eastern Ukraine as independent and ordered the Russian military to deploy troops to the area.
Under the order, signed by U.S. President Joe Biden, trade and investment between U.S. persons and the two separatist regions are prohibited, the White House said.
The accelerating crisis drove oil to a seven-year high, while safe-havens rose and U.S. stock futures plunged.
The benchmark 10-year Treasury yield fell as much as 5.5 basis points on the Ukraine crisis and bets on a U.S. Federal Reserve interest rate hike.
Federal Reserve Governor Michelle Bowman said on Monday that she will look at economic data over the next three weeks to determine whether a half-percentage point rate hike is necessary at the central bank's next meeting in March.
Among other precious metals, silver rose 0.4%, platinum rose 0.5%, and palladium gained 0.5%.