Gold jumps to new eight-month high

Markets have been rocked by the latest twists and turns surrounding the Ukraine crisis.

Gold prices jumped to an eight-month high after U.S. President Joe Biden said there was every indication that Russia has plans to attack Ukraine.

Gold added 1.5% to $1,895.77 an ounce after rising close to the key $1,900 mark.

Gold has had a fabulous February so far, boasting a month-to-date climb of almost 5%. Sure, a lot of that has been due to gold traditional role as an inflation hedge. However, the precious metal is also seen as a safe haven asset, meaning that investors lap gold up during times of heightened fear and uncertainty.

Elsewhere, European stocks closed lower on Thursday as investors monitored geopolitical tensions in eastern Europe while digesting a slew of corporate earnings reports.

The FTSE 100 dropped sharply as the rising threat of war between Russia and Ukraine rattles global markets.

BP and Shell dragged the FTSE down, tracking lower oil prices amid volatile trading. Banking stocks including HSBC also declined.

Not Investment Advice Note: Views expressed are those of the writer. The author does not own any stocks mentioned. The article is information, not advice. Share prices can rise and fall. Past returns are not a guide to the future. Please do your own research.

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