Ukraine crisis: Gold nears record high, Bitcoin rallies
Oil prices continue to rise on Wednesday (March 9th), amid the continuing Russian-Ukrainian crisis. The latest increase comes as US President Joe Biden announced a ban on imports of Russian oil. Brent crude futures for May 2022 delivery rose 2.71% to $131.45 a barrel, while US crude futures for April delivery rose 2.13% to $126.34 a barrel.
Huge rise in oil price
Oil prices have risen more than 30% since Russia invaded Ukraine in February. The USA and other countries have imposed sanctions, which have already hampered oil and gas exports from Russia. These sanctions are in addition to the March embargo.
Brent crude futures were trading at $127.98 a barrel (+3.9%), while US futures were $123.70 a barrel (+3.60%).
Gold heading towards historic record
Gold is heading towards a historic record as tensions rise in Eastern Europe continue. Gold saw a sharp rise towards all-time highs, as investors turned to safe-haven purchases amid growing concerns about the Ukraine crisis and the impact of the US/UK ban on Russian oil.
Meanwhile, concerns about a shortage of palladium supplies due to sanctions against Russia, the largest producer of precious metal, have kept its price near all-time highs.
Spot gold rose 2.7% to $2,051 an ounce, slightly below its last peak at $2,072.50 recorded in August 2020. Buyers continued to push the gold price on Wednesday morning causing a rise from $2,035 to $2,059.
Cryptocurrencies also gained on the US sanction. Bitcoin recorded significant gains, boosting market profits to $132 billion in 24hours to trade above $41 000.
According to Queen Market Cap, the combined market value of cryptocurrencies jumped 7.8% to gain about $132.4 billion from $1,696.7 billion in Tuesday’s trading to $1,829.1 billion by March 9.