Gold prices surged over 3% on Thursday and palladium led a rally in precious metals, as Russia’s invasion of Ukraine ratcheted up fears of a war in Europe and drove investors away from riskier assets and into safe havens.
Spot gold climbed 3.4% to $1,971.54 per ounce by 1018 GMT, the highest since September 2020. U.S. gold futures jumped 2.4% to $1,956.00.
Russia launched an all-out invasion of Ukraine by land, air and sea on Thursday, confirming the worst fears of the West with the biggest attack by one state against another in Europe since World War Two.
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