Gold prices climbed to their highest price since August 2020 after investors spooked by the Ukraine war and oil-market disruptions rushed to assets they perceive as safer.
Most actively traded gold futures, for delivery next month, rallied above $2,000 a troy ounce Monday before paring their gains. They recently added 1.5% to trade around $1,995.80.
The recent spike in gold prices has helped the precious metal break out of a recent rut. As of Friday, gold prices had climbed for 11 of the most recent 15 sessions. The last time gold consistently traded above $2,000 a troy ounce was in August 2020 when Covid-19 muddied the global economic outlook.
Growing uncertainty about the economic effects from the conflict in Ukraine has also benefited the U.S. dollar. The ICE U.S. Dollar index, which measures the greenback against a basket of currencies, hovered near its highest level since May 2020 on Monday.
Elsewhere in the market Monday, the price of bitcoin slid about 2.8% from its 5 p.m. ET Friday level to trade around $38,318, as investors have pulled back from assets perceived as risky.