The geopolitical crisis, which deepened with Russia’s invasion of Ukraine, led to an increase in commodity prices, especially oil. Increasing geopolitical risks and inflation concerns continue to direct investors to safe havens. Accordingly, gold prices climbed to the highest levels of the last 2 years and surpassed another psychological level of $ 2,000 on Monday. Analysts’ market comments and forecasts cryptocoin.com compiled for our readers.
Russia’s central bank will continue to buy gold
Russia’s central bank has announced that it will continue to buy gold from the domestic market as it takes measures to help ensure financial stability amid Western sanctions on the country due to the war in Ukraine. This is largely considered a firefighting drill as the ruble collapsed and Russian stocks fell.
According to the World Gold Council (WGC), Russia holds just under 2,300 tonnes of gold at the end of January, or 21% of the total reserves. “No indication of the scale of future acquisitions has been given, but we will continue to monitor developments,” said Krishan Gopaul, director of market intelligence at WGC.
For a minor background, the Central Bank of the Russian Federation suspended gold purchases in 2020, when the overall level of gold reserves remained largely unchanged. Russia’s banking regulator announced on February 28 that it plans to resume purchases from domestic producers.
Analysts expect all-time high to be tested
Gold has seen a dramatic rise since Russia decided to invade Ukraine. Spot gold started to decline earlier in the day after touching $2,000.69, its highest level since August 19, 2020. However, at the time of writing, it was trading at $1,979.3, up 0.47% daily. U.S. gold futures rose 0.9% to $1,984.3.
On the other hand, the fall of cryptocurrencies is considered interesting after the digital currency was launched as a safe haven instead of gold, while investors are looking for a safe haven. In the coming sessions, analysts and investors are waiting to see if the yellow metal can reach its all-time high of $2,075.14.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.