Gold prices soared near all-time highs (ATH) as geopolitical and economic uncertainties stemming from the Russo-Ukrainian war continued to increase demand for the safe-haven assets.
Most recently, US President Joe Biden announced restrictions on Russian oil imports and this is seen to threaten the supply chain and increase further inflationary pressures on economies around the world.
The announcement was also joined by the UK which said they would stop importing Russian oil products by the end of the year.
This in turn prompted gold as an inflation hedge to skyrocket as high to $ 2,070 per ounce in the New York session, not far from the ATH level it reached in August 2020, $ 2075 per ounce.
Gold however returned some of its gains to trade at around $ 2,045 per ounce during today’s Asian trading session.
Concerns over global supply chain disruptions also rose after Russian President Vladimir Putin also decided to ban exports of products and raw materials out of the country until December 31.
The next investor focus is the release of US inflation data on Thursday which is expected to continue to show improvement in February.
