Gold prices hit a new peak since June 2021.
Let's Talk Gold Prices
Got a buck? Let me break down the current gold market scene.
The London gold fix, set twice a day, is the go-to benchmark for the gold market. On the 22nd of February, a troy ounce of gold was fixed at $1900.1.
On the New York Mercantile Exchange (NYMEX), the price for gold was $1903.4, while the global average was $1900.9. In Kazakhstan, as of February 23, the prices were 26,761 tenge for a gram, 832,350 tenge for an ounce, and 26,760,690 tenge for a kilogram.
All this went down as the deployment of Russian troops to eastern Ukraine lit up the headlines. The ominous threat of a Russian invasion has ramped up tensions between Moscow and Washington and its allies. And you guessed it - these escalating geopolitical uncertainties are sending gold prices soaring!
Gold, known for its safe-haven status, is an attractive investment option when the going gets tough. Investors flock to gold in troubled economic waters, hoping to safeguard their wealth from instability.
By the way, if you're fascinated by what's happening with the Tenge and the gold market, check out these articles:
- "National Bank Conducted Interventions of $33 Million to Support Tenge"
- "Impact of January Events on Tenge and Where to Store Savings"
- "Tenge Outlook Amid Escalating Russia-Ukraine Conflict"
Now, here's the lowdown on the impact of the ongoing Russia-Ukraine conflict on the gold market:
- Safe-Haven Demand: When tensions rise, investors rush to gold to protect their wealth. Geopolitical instability boosts the demand for gold[4][5].
- Central Bank Purchases: Owing to rising geopolitical risks, central banks have been stocking up on gold. This has led to structural increase in gold demand, pushing up prices[1][4].
- Economic Uncertainty: The conflict has amplified the global economic uncertainty, which translates to increased demand for gold. With the added market volatility, gold becomes an appealing investment choice[5].
- Price Performance: Gold prices have experienced a significant surge in 2025. Pushed by the ongoing geopolitical tensions, prices skyrocketed to record highs such as $3,498 per ounce[2][4].
The bottom line? The Russia-Ukraine conflict continues to fuel gold prices by heightening demand for safe-haven assets and strategic diversification by central banks. Keep your eyes on the gold market - it's a rollercoaster ride that's far from over!
- Precious gold's prices have soared due to geopolitical uncertainties, as the escalating Russia-Ukraine conflict has boosted its safe-haven demand.
- On NYMEX, gold's price stood at $1903.4, but more significantly, gold prices reached record highs of $3,498 per troy ounce, driven by geopolitical risks and central bank purchases.
- The investment world is closely watching finance news regarding gold, as its precious status and potential for profits during turbulent times makes it an attractive option for investors.
- In the general news, the deployment of Russian troops to eastern Ukraine has sent gold prices skyrocketing, making gold a precious commodity for those seeking to protect their wealth from turbulent economic waters.
- Beyond the London gold fix, investors are looking to precious metal prices in various regions, such as Kazakhstan, where the price for a troy ounce of gold reached 832,350 tenge on the NYMEX.
