Today gold spiked with a massive gain of $82, taking gold futures within $10 of the record high at $2088, which occurred in August 2020. Just as quickly as gold rose dramatically higher profit-taking and a recovery of U.S. equities resulted in gold trading off of the highs giving up over half of the gains from the intraday high. New York’s trading session just ended, and as of 1:30 PM EST, April futures are currently fixed at $2050, a net increase of $55 on the day.
We are witnessing extremely fast market conditions and it will be interesting to see how gold trades after the half-hour break, at which time (2:00 PM EST) Globex trading will begin remaining open until 8:00 AM EST.
Gold’s massive gains today are a continuation of investors’ flight to safety, incorporating gold as the go-to safe-haven asset. Today’s gains occurred with moderate tailwinds from dollar weakness which added to the dynamic gain.
Geopolitical tensions continue to grow as the Russian invasion of Ukraine continues to escalate. The Russian army is now disrupting routes…