Russian Crisis May Support Gold Gains RussiaUkraineCrisis RussiaUkraineConflict russia ukraine XAUUSD goldprice
Earlier, the metal rose to an eight-month high after Russian President Vladimir Putin announced that he would recognize two self-proclaimed separatist republics in eastern Ukraine. The move generated condemnation from the United States, the European Union and nearly all representatives of the United Nations Security Council who spoke on Monday night.
Overall, the price of gold rose this month as investors seek a safe haven against rising geopolitical tensions in Europe. Both Comex ETFs and hedge funds have added to bullion bets in recent weeks, helping to support the rally. This was despite expectations that the Federal Reserve will raise US interest rates at its meeting next month, a move that will put pressure on the non-interest bearing asset - gold.
The crisis in Ukraine is another concern for investors who are starting 2022 trying to determine how the economy will perform amid rising inflation and looming interest rates. Firms face supply chain problems and rising raw material costs as demand for goods outstrips supply. The Federal Reserve plans to raise interest rates to combat inflation, but Wall Street isn't sure how the number and frequency of rate hikes will affect the market and the economy in general.
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