Gold Soars to Eight-Month Highs Amid Russia-Ukraine Tensions

While the Russians are saying they are withdrawing troops from the borders, NATO and the US are reporting that Russian troop numbers are rising near the Ukraine border and that no de-escalation appears to be happening, making markets increasingly susceptible to headline risk.

From other news, yesterday's FOMC minutes indicated that while the central bank intends to begin raising interest rates to fight inflation, its decisions would be data-dependent and would be made on a meeting-by-meeting basis.

The usual Thursday's jobless claims are due on the economic front, along with building permits and housing starts. The Philadelphia Fed Manufacturing Survey for February will also be released, expected to decline slightly.

Gold seems to be the clear winner in the current situation, rising toward 1,900 USD, to the highest level since June last year. On the other hand, US stocks seem vulnerable, with indices oscillating near their 200-day averages and sensitively reacting to any news coming from Ukraine and Russia.

Oil is also doing well, settling above 90 USD and possibly soon attacking the psychological 100 USD level.