Russia’s invasion of Ukraine hit oil prices and they climbed up to $130. The unpredictable rise in energy prices raises concerns about inflation, as well as concerns that central banks can control inflation. In this context, increasing geopolitical risks and inflation concerns continue to push investors to safe havens. Attracting security currents, gold has climbed to highs of nearly 2 years and surpassed another psychological threshold of $2,000 on Monday. Analysts’ market comments and forecasts cryptocoin.com compiled for our readers.
“There is an escape to safety and relative shelter for yellow metal”
Spot gold was trading at $1,998.52 at the time of writing, up 1.45% daily, after touching its highest level since August 19, 2020 at $2,000.69 earlier in the day. U.S. gold futures rose 2.01% to $2,006. GoldCore Marketing Director David Russell comments on the effects of the developments on the markets and makes the following prediction for gold:
Global stock markets are showing their vulnerability to this geopolitical shock, and there is an escape to safety and relative refuge for gold. At the same time, the US Federal Reserve Chairman Jerome Powell’s inability to ‘deal with the inflation genie and stock market problems…’ will support the current uptrend of gold.
Meanwhile, Russian President Vladimir Putin does not seem willing to give up the occupation. In his most recent talks, Putin emphasized that he would continue his occupation unless Kyiv surrendered and refused to back down.
According to Adam Koos, gold is like the beginning of something bigger and better.
The yellow metal is known for its rapid response to geopolitical uncertainties and rising inflation, while providing a successful hedge against inflationary pressures. Recent gains in the precious metal are largely due to both the rise in inflation and its susceptibility to the geopolitical crisis, experts say. Adam Koos, president of Libertas Wealth Management Group, compares copper, an industrial metal, with gold and makes the following assessment:
I expect copper to be invited to the commodity frenzy. He’s leaving the gold behind now. Gold and copper prices seem to be at the beginning of something bigger and better.
The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose to its highest level since mid-March 2021 on Friday.
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