Gold price powers above $2,000 amid high anxiety in marketplace

New York (Mar 7)  Gold and silver prices  are higher in early U.S. trading Friday, with gold notching a 1.5-year high of $2,007.50 and silver an eight-month high of $26.37. More safe-haven demand is featured early this week amid the war raging in Europe. April gold futures were last up $20.30 at $1,986.60 and May Comex silver was last up $0.081 at $25.86 an ounce.

The all-time high in Comex gold futures was set in August of 2020, at $2,063.00. Palladium and copper futures hit record highs overnight. Crypto currencies are under selling pressure Monday, as traders and investors apparently consider them higher-risk assets.

Global stocks markets were lower overnight and the U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. Geopolitical tensions remain very high as the Russian invasion of Ukraine is set to enter its second week with no off-ramp seen to the conflict that has also created a humanitarian crisis. The U.S. and Europe are considering banning Russian oil imports, which ratchets up further the anxiety in the marketplace, as well as further stokes inflation that has already become problematic. Said one analyst: "This toxic cocktail poses a huge problem for central banks."

KITCO