Gold jumps 2% as geopolitical tensions intensify

Gold bars

Gold prices rose sharply on Thursday, as investors sought safe-haven assets amid escalating geopolitical and trade tensions.

 

December gold futures gained 2%, or $80.20, to close at $4,145.60 per ounce.

 

The rally came after the US imposed sanctions on Russia’s two largest oil companies, in a move aimed at increasing economic pressure on Moscow to end its war with Ukraine.

 

Meanwhile, Russian President Vladimir Putin warned of a “decisive response” if Russia was attacked with US Tomahawk missiles recently requested by Ukraine.

 

In a separate incident, two Russian fighter jets briefly violated Lithuanian airspace, prompting NATO jets to intercept them.

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