Gold prices rose above the key $1,900 an ounce level on Wednesday as tensions continue to mount in Ukraine following reports that several government and bank websites were hit by cyberattacks.
Spot gold rose 0.5% to $1,908.08 per ounce by 11:45 a.m. ET, its highest level since the end of May 2021. US gold futures held their ground, moving 0.1% higher to trade at $1,909.90 per ounce.
Early in day, Ukraine moved toward declaring a nationwide state of emergency following Moscow’s recognition of two breakaway regions, as Russia President Vladimir Putin said he remains open to “diplomatic solutions” so long as his nation’s interests and security are guaranteed.
Bullion is trading near the highest in over eight months after rallying on the simmering geopolitical tensions. It has attracted renewed interest from investors in exchange-traded funds and hedge funds trading the Comex, which both spent much of 2021 on the sidelines.