Gold price surge: Yellow metal hits three month high as fear over Russia-Ukraine war grows | City & Business | Finance

Generally, the US financial market mood is dismal with little market confidence given the current unstable geopolitical events in Eastern Europe.

Although these recent figures are an increase, they compare poorly to some of the figures reached in 2021.

XAU/USD gold reached a high of $1,916.61 on June 1, 2021, later followed by $1,877 on November 16.

Generally, there has been a sharp decline in the valuation of gold since last November. reported that gold reached a high of $1,867.25.

This was a reaction to comments by US National Security Adviser Jake Sullivan that a Russian invasion of Ukraine could start next week.

According to a PBS Newshound reporter, US defence officials are anticipating a “horrific, bloody campaign” in Ukraine.

It is expected to start with an initial two-day bombardment and electronic warfare, followed by a full scale invasion. 

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JPMorgan said earlier this week that Brent Crude could “easily” reach $120 per barrel if Russia invaded Ukraine and the US and other nations sanctioned Russia’s oil and natural gas exports.

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