Gold climbed above $2,000 per ounce — the highest price recorded since August 2020 — while U.S. equity futures and Dow futures fell on Monday. As of Friday, gold prices had climbed for 11 of the most recent 15 sessions. The Wall Street Journal reports that the jump came after investors were spooked by the Ukraine war and oil-market disruptions. U.S. officials said they may ban Russian oil exports in retaliation for President Vladimir Putin’s invasion of Ukraine. Reuters reports that oil stocks rose in premarket trading alongside the price of oil.
Bloomberg via Yahoo Finance/Eddie Spence
Gold Price Rises Above $2,000 as War in Ukraine Boosts Haven Demand
Gold surpassed $2,000 an ounce after the U.S. said it may ban Russian oil exports in retaliation for President Vladimir Putin’s invasion of Ukraine, raising concern about higher inflation and slowing economic growth.
Bullion extended its biggest weekly advance since July 2020 after U.S. Secretary of State Antony Blinken said on Sunday that America and its allies are discussing an embargo of Russian oil. That could further reduce expectations for the Federal Reserve to aggressively hike interest rates this year to deal with what is already the highest inflation in 40 years.
You can read the full article, here.
Kitco News/Rajan Dhall
Gold Technical Analysis: Follow the yellow brick road
Gold has continued to climb at the start of the week with the yellow metal breaking $2000/oz. This is now the highest level that the precious metal has traded since September 2020. Over the weekend the news that Russia did not observe the ceasefire seemed very antagonistic and analysts and investors alike fled to safe-havens. The Nikkei 225 in Japan lost nearly 3% of its value overnight and in Europe this morning the German DAX is down just over 2%.
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CNBC/Maggie Fitzgerald and Tanaya Macheel
Stock futures cut losses after oil pulls back from overnight $130 high, Dow futures down 160 points
U.S. equity futures fell Monday morning, but traded off their lows, as U.S. oil prices pulled back from their highest level since 2008 amid the ongoing war between Russia and Ukraine.
Dow futures lost about 150 points, or 0.4%, while S&P 500 futures and Nasdaq 100 futures slid 0.5% and 0.5%, respectively. Futures came off their lows as oil prices came off their highs from overnight.
West Texas Intermediate crude futures, the U.S. oil benchmark, traded 6.3% higher to $122.96 per barrel, earlier hitting $130 per barrel at one point before pulling back partially. The international benchmark, Brent crude, traded 6.24% higher to $125.51 per barrel after earlier spiking to $139.13 per barrel — its highest since July 2008.
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