Russia's invasion of Ukraine causes gold prices to surge to their highest point in over a year.

On Thursday, spot gold prices decreased as investors evaluated the ongoing crisis in Ukraine, following Russia's attack on the country at President Putin's command.

Gold's price decreased by 0.5% from the previous day, trading at $1,897.76 per troy ounce. Earlier in the morning, gold was trading at $1,968.01 per ounce, up 3.17%, and reached its highest point since late 2020. Investors were attracted to safe-haven assets as equity markets globally fell into the red. Additionally, oil and soft commodity prices were sharply higher, with Brent crude surpassing $100 for the first time since 2014.

Platinum was down 1.5% at $24.13 per ounce, while copper was slightly higher. Meanwhile, gold dipped 1.8% at $1,899.80 per ounce, and silver fell about 3%.

Palladium and platinum are top Russian exports, and gold ranks third in the world.

In an afternoon press conference, President Biden announced that the U.S. will impose new sanctions on Russia, restricting its ability to conduct transactions in dollars, euros, pounds, and yen, in an attempt to economically isolate Moscow on a global scale.

Gold prices have increased by approximately 5.5% in February, with the potential for their largest monthly increase since July 2020. Meanwhile, U.S. bond yields have decreased as investors have shifted their funds towards treasuries, which are perceived as safe assets.

Putin announced a "special military operation" on Thursday morning, two days after deploying troops to Ukraine's eastern breakaway regions in Donetsk and Luhansk. This news comes after months of Russian military buildup near Ukraine's borders, with troop numbers estimated at up to 150,000.

The situation in Ukraine is rapidly deteriorating, and specific reports from the country are difficult to confirm. Ukrainian Foreign Minister Dmytro Kuleba reported just after 7 a.m. local time that multiple cities in the country of 44 million are under Russian attack, and has called on the international community to act decisively to isolate Russia.

Kuleba urged for "severe" sanctions on Russia immediately, including SWIFT, while NATO leaders pledged a "swift" response, including "devastating" sanctions, as some warned that Putin's invasion could lead to the largest conflict in Europe since World War II.