Gold at Cusp of $1,900 on Rally Over Russia

© Reuters.

By Barani Krishnan

-- Gold prices were on the cusp of reaching $1,900 an ounce on Thursday as investors piled into the yellow metal and other safe havens amid escalating tensions over the Russia-Ukraine conflict.

Gold’s most active contract on New York’s Comex, April, was up $25.45, or 1.4%, at $1,896.95 an ounce. It earlier reached a peak of $1,899.90 — just a dime short of $1,900.

The last time gold traded at $1,900 and above was in June.

Year-to-date, Comex’s most-active contract has already risen 3.6%, it’s most since 2020 when it got to record highs above $2,100.

"The price is being pushed higher on flight to safety as Russian/NATO/US tensions increase," analyst Greg Michalowski said on the ForexLive platform. "The respective parties are not getting any closer toward a friendly agreement."

Michalowski said that based on its daily chart, Comex gold's front-month has moved above the 50% midpoint of the move down from its August 2020 record high. "That level comes in at $1876.02," he said, noting that the breach happened Thursday, after a failed attempt earlier this week to break that resistance.

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