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On this day — February 21, 2022
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 52 of 365 · Q1 2022 · 14.2% through the year
February 2022 gold market: Russia invades Ukraine; gold surges
BullishA powerful safe-haven surge on the outbreak of war.
Gold rallied through February and exploded higher after Russia invaded Ukraine on February 24, vaulting toward $1,970 as investors fled to safety. The war added a powerful geopolitical and inflationary impulse on top of an already tense macro backdrop.
What drove gold in February 2022
- Russian invasion of Ukraine (Feb 24)
- safe-haven flight
- surging energy and commodity prices
- sanctions and reserve-freezing fears
Key events in February 2022
- Feb 24Russia invades Ukraine; gold spikes toward $1,970
What happened next
The war drove gold to a near-record in early March before the Fed's first hike turned the tide.
For gold buyers
February's war-driven spike rewarded existing holders but, as so often with geopolitical rallies, set a short-term top for new buyers.
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