Gold rises above $2,000 an ounce on soaring Ukraine fears

The precious metal hit a peak of $2,000.86 an ounce, its highest level since September 2020.

Gold rose to more than $2,000 in Asian trade on Monday morning as investors fled to the safe-haven commodity over fears about the impact of the Ukraine war on the global economy.

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The precious metal hit a peak of $2,000.86 an ounce, its highest level since September 2020.

Traders have been sent running to safety as Russia continues with its invasion of Ukraine, which has battered equity markets and sent oil prices to a near 14-year high, adding further upward pressure to already high inflation.