Spot gold prices are up 2% on news that the Russian military has invaded Ukraine.
Gold is trading at $1,968.01 U.S. per ounce in London, England, up 3.17% from the previous day and the highest level since late 2020, as investors pile into safe haven assets and equity markets around the world fall sharply.
Oil and other commodity prices are also up sharply today. International benchmark Brent crude oil has surpassed $100 for the first time since 2014. U.S. gold futures are up 3.08% at $1,969.30 U.S. per ounce.
The spike in gold prices comes as the situation in Ukraine is rapidly deteriorating, and news reports from inside the country are difficult to confirm.
Ukrainian Foreign Minister Dmytro Kuleba reported that multiple cities in the country of 44 million people are under Russian attack and has called on the international community to act decisively to isolate Russia.
The price of gold is up about 8% so far in February, on pace for its biggest monthly gain since July 2020. U.S. bond yields, which move inversely to prices, are plunging as investors pour money into treasuries, also seen as safe assets.
