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Gold hits 20-month high as Russia launches 'full-scale' invasion of Ukraine, bitcoin plunges

Kitco News

Gold and oil are up sharply after recent reports that the Russia-Ukraine conflict is intensifying.

Spot gold crested $1,940 an ounce Wednesday evening eastern time, its highest level since June 2020. Gold is up 12% in Russian rubles.

Bitcoin dropped, losing about 7% for the day and currently trading under $35,000.

Oil punched through $100 a barrel. Brent crude was up 5.34% to $102 as of 1:20 a.m. ET, it's highest level since 2014. Oil is now up 52% in the past year.

According to reports by Reuters Russian President Vladimir Putin authorised a military operation in eastern Ukraine. Gunfire and explosion were heard over night in Ukrainian capitol, Kyiv.

According to ASP, Ukrainian President Volodymyr Zelenskyy declared martial law. Ukrainians are urged to to stay home.

Biden announced in a late night tweet that severe sanctions will fall on Russia.

Ukraine's foreign minister Dmytro Kuleba said a full-scale invasion is underway.

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