War in Ukraine: Gold Prices Hit 17-Month High

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War in Ukraine: Gold Prices Hit 17-Month High

Gold prices today hit a 17-month high, on the news that Russia had begun an all-out invasion of Ukraine.

The price of spot gold was up by 3.4 per cent to $1,971.54 per ounce, as investors sought a safe hedge from market volatility. They are at their highest since September 2020.

Russia is the world’s third-largest producer of gold, after China and Australia.

Gold prices had already risen over nine per cent this month as fears grew of a war in Ukraine.

Meanwhile Bitcoin fell to its lowest level since January and the Russian rouble fell to a record low of 89.60 per US dollar before the Russian central bank announced moves to prop it up.

Palladium jumped seven per cent to its highest since mid-August 2021.

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