Higher As West Expands Sanctions On Russia

Gold is ~$3/oz higher, printing $1,961/oz at typing. The precious metal operates near the top of Thursday’s range as relations (and rhetoric) continues to worsen between Russia and the western powers. Focus now turns to details surrounding an incoming fifth round of EU sanctions on Russia, after the U.S. and UK outlined their latest measures on Thursday.

• To recap, the precious metal closed ~$15/oz higher on Thursday for a second straight day of gains, although an uptick in U.S. real yields helped bullion move away from best levels late in NY dealing.
• On the Russia-Ukraine conflict, NATO has agreed to increase military deployments in the east, while a mobilisation of the alliance’s “chemical, biological, radiological and nuclear defence elements” was also announced, underscoring fears re: potential Russian weapon choices. NATO leaders have so far refused to specify what their response to a Russian chemical/biological attack on Ukraine would be, with U.S. President Biden stating that such an attack would “trigger a response in kind”.
• Looking to technical levels, gold has broken initial resistance at $1,954.7/oz (Mar 15 high), exposing further resistance at $2,009.2 (Mar 10 high).