By Swann Collins, investor, writer and consultant in international affairs. Eurasia Business News – February 25, 2022
After Russia recognized the republics of Donetsk and Luhansk on February 21 and sent troops in Ukraine in morning February 24, gold prices have surged.
Geopolitics have added strong pressure on stock markets and paper currency, amid high inflation and large public debts in the US and Europe.
Over the past 30 days, gold prices are up 6% while S&P 500 stock index is down 13%.
At closure on February 24, gold fix prices at London hit $ 1,936.30 per troy ounce.
On February 10, gold prices hit $ 1,827 per troy ounce today, gaining 1.05% in one day, while silver prices reached $ 23.19 per ounce, gaining 2.98%.
On February 22, gold prices reached $ 1,913 per troy ounce and stabilized at $ 1,899 at closure time. Silver perices hit $24.14 per ounce, gaining 0.89%.
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High annual inflation in the United States (7.5% in January 2022), the Euro zone (5.1% in January 2022) and in Russia (8.73% in January 2022) have been driving the fears of investors and families for months. Many are seeking hedge to protect their wealth and purchasing power. These worries have fuelled gold prices increase since the end of 2020.
Stocks markets fell on February 22, following the news from Ukraine. Markets are also volatile since investors are waiting for several rate hikes by the U.S. Federal Reserve in 2022, in an attempt to lower high inflation.
About the author : Swann Collins is an investor, writer and consultant in international affairs. He has published over 100 articles specializing in economy, finance and investments.
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© Copyright 2022 – Swann Collins, investor, writer and consultant in international affairs.