(Kitco News) – Russia’s invasion of Ukraine will continue to provide some support for gold. However, according to some analysts, the fear and uncertainty propelling gold prices have peaked, and sentiment in the precious metal in the near term has turned slightly bearish.
The latest results of the Kitco News Weekly Gold Survey show no definitive picture of the precious metal. Still, bearish sentiment has a slight advantage in the near term. Meanwhile, Main Street remains extremely bullish on gold.
Adam Button, chief currency strategist at Forexlive.com, described gold’s price action as scrappy investors digest Thursday’s nearly $100 price swing. As Russia’s invasion of Ukraine started, the gold price pushed to an intraday high of $1,976 an ounce, its highest level since September 2020. However, the market could not hold its nearly 3% gains and fell to a low of $1,878 an ounce by the end of the day.
“At the height of the crisis, gold showed that it was the only safe-haven asset investors wanted to own. It shows just how important gold’s intrinsic value is as an asset,” said Button.
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