The golden yellow metal rocketed higher after Russian President Vladimir Putin declared military action against Ukraine, driving it to a 13 -month high in the Asian session.
Several explosions were heard in the Ukrainian capital minutes after the announcement, signaling Russia was advancing to attack Kiev.
At the time of writing, spot gold traded higher at around $ 1,947 per ounce, bringing it to its highest level since January 2021. While gold futures strengthened at $ 1,948 per ounce.
Meanwhile, the Interior Ministry of Ukraine confirmed media reports that Kiev is being attacked by ballistic missiles and missiles by Russia.
A separate report showed a statement from the Ukrainian Foreign Minister claiming that Russia's actions were a war on terror and that they would defend themselves and stop Putin.
Gold, considered a safe-haven asset, has soared sharply since tensions between Russia and Ukraine escalated earlier this year.
