Gold blasted to its highest since 2020 after Russian forces attacked targets across Ukraine, triggering the worst security crisis in Europe since World War II and further crushing risk sentiment across the global markets.

The move sparked a flight to haven assets, with spot gold trading 0.8% higher to $1,925.07 an ounce by 11:10 a.m. ET, near a 15-month high. US gold futures on the Comex also gained 1.0% at $1,930.30 an ounce.

On Wednesday evening, Russia President Vladimir Putin vowed to “demilitarize” Ukraine and replace its leaders, while the West threatened additional sanctions in response. In response, US President Joe Biden announced he would impose “further consequences” on Russia after what he called an “unprovoked and unjustified attack.”

“The Russian invasion of Ukraine puts the markets in panic mode,” Alexander Zumpfe, senior trader at refiner Heraeus Metals Germany GmbH & Co., told Bloomberg. “Investors are throwing shares out of their portfolios and fleeing to safe havens.”

Evidently, US futures and European stocks both tumbled, while Treasuries rallied. Gold jumped the most in almost two years, even as the dollar strengthened. Bullion priced in euros even hit an all-time high…read more.