Gold is benefiting from its traditional safe haven status, reaching levels last seen in August 2020
Bengaluru — Gold prices hit $2,000 for the first time in 1-1/2 years, with investors rushing to the safe-haven metal as the Russia-Ukraine crisis worsens, while supply disruption fears sent palladium to an all-time high on Monday.
“Gold will likely find some heavy traffic around the $2,000 level initially, but once it is cleared, assuming no change in the Ukraine situation, it will quickly move to the $2,100 region and on to new all-time highs,” said Oanda senior analyst Jeffrey Halley. Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to their highest since mid-March 2021 on Friday.
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