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Gold Rises Above $2,000 as Ukraine War Boosts Haven Demand -Breaking

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© Bloomberg. An assortment of gold bars in various weights are displayed at Gold Investments Ltd. bullion dealer in this photo taken in London, U.K. on Wednesday July 29, 2020. The record-breaking rally in gold was fueled by investors waiting for the Federal Reserve meeting outcome. Investors are anticipating more gains as they expect policy makers to remain dovish. Photographer: Chris Ratcliffe/Bloomberg

(Bloomberg) — Gold surged above $2,000 an ounce on growing demand for haven assets as investors weigh the geopolitical and economic fallout from Russia’s invasion of Ukraine.

Bullion has seen its greatest weekly gain since July 2020. Bullion gains have been extended amid growing concerns about the impact of Russia’s sanctions on global growth. Price pressures are increasing at a moment when Federal Reserve prepares to increase interest rates. 

Prices rose by as much as 2 percent to $2.005.20 per ounce before closing at $2.002.40 at 09:53 Singapore time. Last week, prices rose 4.2%. 

©2022 Bloomberg L.P.

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