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.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.