One troy ounce of gold is now priced around $2,000 and the jump is highest in about one-and-a-half-year amid the enhanced bombardment of Russian forces in Ukrainian cities. Investors are turning towards gold with the worsening crisis in Ukraine. Moscow has stated clear and loud to continue the attacks unless Kyiv resorts to surrender.
Bonds and stocks have been witnessed struggling immediately after February 24 when Russia invaded Ukraine. Gold and oil have surged and Bitcoin has met with volatility.
Western allies have imposed various sanctions on Russia including a ban on the import of oil and export of luxury goods. However, nothing has stopped Moscow from continuing the assault.
According to Goldman Sachs, investors may continue buying gold as it is a last resort amid growing global economic risks.
Meanwhile, the other developments from the war zone include Russia blocking Instagram over hate posts towards Russian citizens and Russian military personnel.
It is simultaneously being reported from various media houses that a long armor 40-miles convoy of Russia equipped with heavy weapons is approaching Kyiv. When the invasion kicked off, Ukraine believed they were much stronger than what their military strength was in 2014 when Russia invaded Crimea. However, after about two weeks the predictions seem wrong. Controlling Kyiv is now crucial as the Ukraine government still holds it. The defeat of Kyiv may mean the victory of Russia.
The fight is now concentrated on the northwest of Kyiv and the city center is about a 20-minute drive. It is equipped with narrow streets and extensive basements in buildings. The fight may grind for months. It is not yet understood whether Russia would encircle the city or force for a surrender.
It is assumed Russia may not hammer Kyiv as the other places in southern and eastern Ukraine have been crushed. It is argued the ancient city would not be destroyed as it holds Russian history, religion and culture. Some even assume the army may not invade the city.
However, a couple of weeks from now would be crucial and the future of Kyiv could be decided. If Russia fails to invade the city, Ukraine will gain confidence.
Meanwhile, theÂ US president confirmed NATO military will not confront the Russian army in Ukraine as this may lead to another world war. The western allies will support Ukraine with money, food and aid. Ukrainian refugees will be welcomed to America with wide arms.