Gold prices extended higher during Wednesday’s APAC mid-day trading session as investors assessed lingering geopolitical tensions in Eastern Europe. The yellow metal hit an intraday high of $2,070 on Tuesday, just $5 below its all-time high seen in August 2020. Prices have since retreated to $2,050 as profit-taking activity kicked in. The US and UK planned to ban Russian energy products as part of the sanctions punishing Moscow for its invasion of Ukraine. Their continental European counterparts refused to follow suit however because Russian supply is essential to their energy security. These punishments mark the most stringent sanctions against Russia so far, boosting the appeal of gold to investors that are looking for safety.
