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On this day — February 27, 2022
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 58 of 365 · Q1 2022 · 15.9% 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.
Related months to read
Feb 27 across the years — 2020 → 2021
| Year | Feb 27 close | vs prior | |
|---|---|---|---|
| Feb 27, 2021 | $1,742.90 | +5.50% | View |
| Feb 27, 2020 | $1,652.00 | — | View |