Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinWith US markets closed for Presidents Day, gold pushed 0.4% higher in electronic trading to more than $1,906 as rising worries about the Russia-Ukraine crisis continued to fuel safe-haven demand.

Russian President Vladimir Putin said today that he will recognize the independence of two separatist areas of eastern Ukraine. The move is widely seen as a pretext to send troops into the region, effectively launching the invasion. Ukraine and the West have long considered the separatists to be proxies of Russia.

President Biden said on Friday that he believes Putin has already decided to invade Ukraine in coming days.

World stocks fell to a three-week low and oil prices rose as markets brace for the invasion, which is expected to trigger massive economic penalties on Russia while disrupting flows of grain, energy, and raw materials from the country.