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Gold at Cusp of $1,900 on Rally Over Russia-Ukraine -Breaking

by Mike Robinson

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© Reuters.

By Barani Krishnan

Investing.com — On Thursday, gold prices stood at $1,900 per ounce as investors bought the yellow metal amid rising tensions surrounding the Russia-Ukraine conflict.

Gold’s most active contract on New York’s Comex, , was up $25.45, or 1.4%, at $1,896.95 an ounce. It earlier reached a peak of $1,899.90 — just a dime short of $1,900.

In June, gold was last traded at $1.900 and higher.

Year-to-date, Comex’s most-active contract has already risen 3.6%, it’s most since 2020 when it got to record highs above $2,100.

Analyst Greg Michalowski stated that the price of safety is increasing as tensions between Russia and NATO/US increase. He spoke on ForexLive. “The parties have not moved closer to a friendly deal.”

Michalowski indicated that Comex Gold’s front-month moved higher than the half way mark of its move from August 2020. He stated that $1876.02 is the level. This breach occurred on Thursday after an earlier failed attempt to break through that resistance.

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