International gold prices hit a key level of $2000 a troy ounce on Monday, the highest since Aug. 19, 2020, as fears of the conflict between Russia and Ukraine prompted investors to turn to safe havens. The price of gold is expected to rise further to $2027 after trading.
Spot gold rose 0.72% to $1984.00 / oz at 14 / oz Beijing time; the main COMEX gold contract rose 1.16% to $1989.4 / oz; and the dollar index rose 0.39% to 98.882.
Russian President Vladimir Putin vowed to continue the Russian offensive, saying that unless Kiev surrendered, Russian President Vladimir Putin vowed to press ahead with the Russian offensive as fighting between Russia and Ukraine continued for a second day after fighting between Russia and Ukraine was hampered by the evacuation of 200000 people from the besieged Ukrainian city of Mariupol. Otherwise, the attack will proceed as planned.
After a series of western sanctions, Russia's economy will shrink sharply and inflation will soar. The risk of default is rising. Foreign investors are scrambling to pull money out of Russia, if they can.
The rise in local gold prices in the main gold trading centers has deterred buyers. Gold holdings in SPDR Gold Trust--, the world's largest gold-listed fund, rose 0.4 per cent on Friday to 1054.3 tonnes, the highest level since mid-March 2021.
On the daily line, the gold price started the upward trend of five waves from 1779 US dollars. According to the hour chart, the gold price may start the upstream ((iii)) trend from $1878, breaking the 61.8% target level of $1998, and the upper resistance toward the 76.4% target level of $2027. ((iii)) waves are the sub-waves of 5 waves.
