Gold drives to $2,000 an ounce, oil breaks $130 a barrel

The Ukraine-Russia conflict continues to roil markets, with oil prices pushing to its highest level since 2008 and gold prices hitting $2,000 an ounce.

Oil prices have rocketed higher following the Asian open. While off their highs, April crude oil futures last traded at $122.79 a barrel, up 7% on the day. According to media reports, the Biden administration is in talks with European leaders to consider cutting off Russian crude oil exports.

The war in Eastern Europe is also driving safe-haven demand into gold as prices rise to their highest level since August 2020. April gold futures last traded at $2,001.80 an ounce, up 1.79% on the day.

Bitcoin is down relatively flat on the day, trading at $38,367 as of 9 p.m. ET.

Asian and Australian markets opened lower. The Hang Seng Index is off 2.72%. The S&P/ASX200 dropped 49.20 points or 0.69% to 7,061.60.
 

By Michael McCrae

For Kitco News

Time to buy Gold and Silver on the dips

 

David