Gold rose to more than $2,000 an ounce owing to soaring Ukraine fears

Gold rose to more than 2,000 US dollars in Asian trade on Monday morning owing to the fact that investors fled to the safe-haven commodity over fears about the impact of the Ukraine war on the global economy.

The precious metal hit a peak of $2,000.86 an ounce, its highest level since September 2020.

Traders have been sent running to safety as Russia continues with its invasion of Ukraine, which has battered equity markets and sent oil prices to a near 14-year high, adding further upward pressure to already high inflation.

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