(Bloomberg) -- Gold surged above $2,000 an ounce on growing demand for haven assets as investors weigh the geopolitical and economic fallout from Russia’s invasion of Ukraine.
Bullion is extending gains after posting its biggest weekly advance since July 2020 amid mounting concerns that the raft of penalties against Russia could dim global growth and further stoke inflation. Disruptions to supplies of grain, energy and metals are adding to price pressures, at a time when the Federal Reserve is preparing to raise interest rates.
Gold futures rose as much as 2% to $2,005.20 an ounce, before trading at $2,002.40 at 9:53 a.m. Singapore time. Prices climbed 4.2% last week.
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