Title: Gold Up, Tops $2000 Mark as Ukraine Conflict Intensifies

Mar 07, 2022 12:40AM ET

By: AnalysisWatch

Gold rallied in Asia on Monday morning, crossing the $2,000 mark for the first time in a year and a half. Investors turned to the safe-haven yellow metal as Russia's invasion of Ukraine intensified and concerns over supply disruptions drove palladium to an all-time high.

Gold futures jumped 1.33% to $1,992.75 by 12:36 ET, after hitting their highest level since August 19, 2021, at $2,069.89 earlier in the day.

Russia's invasion of Ukraine continues, and President Vladimir Putin has vowed to continue until Ukraine surrenders. For a second straight day on Sunday, fierce fighting prevented some 200,000 people from evacuating the city of Mariupol.

Gold stocks in the SPDR Gold Trust rose 0.4% to 1,054.3 tonnes on Friday, the highest since mid-March 2021. Spot gold could also continue to rise to $2,065 an ounce on the back of a strong C wave, according to Reuters technical analyst Wang Tao.

Investors are also awaiting the European Central Bank's decision later in the week.

Other precious metals rose 4.3 percent to $3,130.16 per ounce after reaching a session high of $3,172.22 earlier in the session. Russia accounts for 40% of global palladium production.

Silver rose 0.4% and platinum gained 2%.