Gold climbs to highest in more than a year on Ukraine tensions

Gold advanced to the highest level in more than a year as tensions around Ukraine intensified, boosting demand for the haven asset.

President Vladimir Putin decided to conduct a special operation to “protect” the Donbas region, TASS reported.

TASS cited the Russian leader as saying the nation doesn’t plan to occupy Ukraine. Putin also said Russia won’t let its smaller neighbor secure nuclear arms, according to the news organization.

Bullion is being buoyed by the growing crisis in Eastern Europe, with gold burnishing its credentials as a store of value in times of geopolitical upheaval.

Spot gold rose as much as 1 per cent to $1,928.80 an ounce, the highest level since January 2021, and traded at $1,924.76 at 11:12 a.m. in Singapore.