Gold whipsaws on shelling at Ukrainian nuclear plant
Reports of Russian shelling at Zaporizhzhia, Europe’s largest nuclear power plant, caused spot gold to rally US$15 per ounce to high of US$1,951 at midday AEDT.
Au quickly retreated however, with ABC Bullion’s Global General Manager, Nick Frappell saying:
‘Gold rallied on news that the plant was under shellfire and on fire - however an update implied that the building on fire was the admin block and not the reactor hall. Ukraine is an energy island, so disabling the power plants nerve centre would be a step in destroying Ukraine's energy grid.’
US dollar gold price [XAUUSD] - 10 minute
Source: Bloomberg/ABC Refinery??
How does the Russian-Ukraine Conflict Impact Gold?
Listen to the latest episode from The Pod of Gold,
Nick Frappell & Shae Russell discuss how the Russian-Ukraine conflict may lead to a less aggressive Fed tightening cycle for 2022, silver’s recent short covering and what Russia’s invasion means for gold in the weeks ahead.
Warm regards,
ABC Refinery