President Vladimir Putin countered US warnings that Russia may invade Ukraine within days by staging televised meetings with his foreign and defense ministers that emphasised de-escalation of tensions and continued efforts to find a diplomatic resolution. Moscow has repeatedly denied its plans to invade.
Gold rose to the highest level in eight months as investors seek haven assets amid simmering geopolitical tensions over Ukraine.
Bullion’s appeal as a store of value and an inflation hedge has seen its price hold up, despite the diplomatic efforts being undertaken to defuse the Ukraine situation. Gold and oil provide the cleanest hedges for the geopolitical risk, Goldman Sachs Group Inc. analysts led by Jeffrey Currie said in a report.
