Gold Spikes to Almost $1,900 on War Fears

Gold prices jumped on Friday to a near two-month peak as concerns over surging inflation and escalating tensions between Russia and Ukraine lifted demand for the safe-haven metal.

Spot gold rose 1.6% to $1,855.17 per ounce by 02:27 p.m. ET, its highest level since Nov. 19, and was poised for a weekly gain of 2.5%.

U.S. gold futures settled up 0.3% at $1,842.1.

A Russian attack on Ukraine could begin any day now and would likely start with an air assault, White House national security adviser Jake Sullivan said on Friday.

"Gold is seeing some safe-haven inflows as we got geopolitical risks out there and worries around the impact that higher rates are going to have on global growth," said Chris Gaffney, president of world markets at TIAA Bank.

Cruising in gold's slipstream, silver rose 1.3% to $23.48 per ounce, platinum gained 0.4% to $1,030.49 and palladium climbed 2.9% to $2,320.18.

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and financial uncertainty. The rising Ukraine tensions accelerated a selloff on Wall Street.