Safe-haven assets were boosted over the past weeks, over fears of a Russian attack against Ukraine. U.S. Secretary of State Anthony Blinken warned that Russia could launch an attack against Ukraine even within the week, and warned US citizens to leave Ukraine. Similarly, the British Foreign Office has advised British citizens in Ukraine to leave the country, while there were still commercial means available.
The price of gold plummeted on Tuesday though, following an announcement by the Russian defense minister that a number of troops had returned to their base after completing drills near the Ukrainian border and tensions eased somewhat as the Russian side seemed willing to open a dialogue. Risk appetite grew following this announcement, pushing the price of gold down.
Recent events seem to contradict Russia’s claims though, as US and NATO officials have stated that there have been no signs that Russia has been withdrawing troops from the Ukrainian borders. On the contrary, there are reports that another 7,000 troops have been added to the already sizeable forces of Russian forces near the Ukrainian borders, with the latest tally exceeding 150,000 troops.
The gold price peaked above $1,900 per ounce on Thursday, its highest level since June 2021, as tensions in Ukraine were re-ignited and demand for safe-haven assets grew. If the price of gold continues to rise, it may find resistance at $1,916 per ounce, while if it decreases, support may be found at 1,782 per ounce.
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