Both gold and crude oil extended early gains as Ukraine strengthened the bid in both markets and kept them near intraday highs.
Brent crude, Europe’s regional benchmark, gained 49 cents to $108.57 a barrel, while gains for U.S. oil were more measured, ahead 28 cents. Both reversed a slight weakness during the Asian day.
Gold, meanwhile, was at $1,349 an ounce. In a sign of the recent jump in demand, the world’s biggest bullion-backed exchange-traded fund saw its largest inflow in a month on Monday.
“Gold continues to be largely supported above $1,329, and while prices are unlikely to break above $1,361.60 in the absence of war, underlying support from the Ukrainian crisis … is likely to keep prices elevated above $1,320 for an extended time,” said Joyce Liu, an analyst at Phillip Futures.