Gold capitalized on safe-haven flows throughout this week XAU XAUUSD $XAU $XAUUSD
troops started to return to bases caused the yellow metal to lose interest as a safe haven on Tuesday, it managed to regain traction in the second half of the week and advanced beyond $1,900 for the first time since June 2021. With the market mood staying cautious on Friday, XAU/USD ended up rising nearly 2% on a weekly basis.US President Joe Biden's national security adviser, Jake Sullivan, told CNN over the weekend that Russia could invade Ukraine before February 20.
Once again, the market mood soured on Wednesday as US President Biden reiterated that a Russian attack on Ukraine was still very much a possibility. Furthermore, "so far we have not seen any de-escalation on the ground, not seen any signs of reduced Russian military presence on the borders of Ukraine," said NATO Secretary General Jens Stoltenberg.in the US increased by 3.8% on a monthly basis in January.
On a positive development, Blinken has accepted an invitation to meet with Russian foreign minister Sergei Lavrov next week, reviving hopes of a diplomatic solution to the crisis and allowing risk flows to return to markets ahead of the weekend. Nonetheless, market participants adopted a cautious stance after the US Secretary of Defense said that Russia was still moving troops toward the border and that it was still capable of launching an attack.
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