Gold jumps as rising Ukraine tensions spur safe-haven demand

Gold prices jumped on Friday to a near two-month peak as concerns over surging inflation and escalating tensions between Russia and Ukraine lifted demand for the safe-haven metal.

Spot gold rose 1.6% to $1,855.17 per ounce by 02:27 p.m. ET (1927 GMT), its highest level since Nov. 19, and was poised for a weekly gain of 2.5%.

U.S. gold futures settled up 0.3% at $1,842.1.

A Russian attack on Ukraine could begin any day now and would likely start with an air assault, White House national security adviser Jake Sullivan said on Friday.

Cruising in gold’s slipstream, silver rose 1.3% to $23.48 per ounce, platinum gained 0.4% to $1,030.49 and palladium climbed 2.9% to $2,320.18.

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and financial uncertainty.