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Gold wavered as traders assessed the impact on haven demand of U.S. and European sanctions on Russia. President Joe Biden said the U.S. will impose a first wave of sanctions on Russia and is shifting American forces already based in Europe.

Precious Metals advanced after Russian President Vladimir Putin signed a decree recognizing the self-proclaimed separatist republics in eastern Ukraine, intensifying a standoff with the West.

Precious Metals advanced to the highest level in more than eight months as concerns over heightened geopolitical tensions stoked demand for haven assets. The geopolitical concerns have outweighed bearish sentiment from a potential rate rise, which could damp demand for the non-interest-bearing precious metal.

Gold extended an advance, topping $1900 an ounce for the first time since June after President Joe Biden warned that the probability of an invasion of Ukraine is still “very high.”

Gold held an advance as investors weighed the uncertainty surrounding the situation in Ukraine against the release of comments from the Federal Reserve, which showed the potential for faster monetary-policy tightening.

Precious Metals retreated Tuesday as the steady march toward conflict in Russia over Ukraine was seen easing somewhat, weakening the case for bullion after the commodity rallied to highs not seen since mid-November.

Gold rose to the highest level in eight months as investors seek haven assets amid simmering geopolitical tensions over Ukraine. Bullion’s appeal as a store of value and an inflation hedge has seen its price hold up, despite the diplomatic efforts being undertaken to defuse the Ukraine situation.

Precious Metal prices extended gains, touching the highest since November as concern about geopolitical tensions over Ukraine helped spur demand for the metal as a haven asset.

Precious Metals fluctuated near a two-week high after U.S. inflation came in hotter than expected, potentially setting the stage for faster policy tightening by the Federal Reserve. U.S. consumer prices surged in January by more than expected, sending the annual inflation rate to a fresh four- decade high of 7.5%.

Precious Metals was steady after four straight days of gains as traders waited for U.S. inflation data due later Thursday that could shape views on the Federal Reserve’s tightening trajectory.

Precious Metals steadied after three-day gain that was driven by demand for the metal as a store of value amid concerns over high inflation and geopolitical tensions

Precious Metals held its biggest daily gain in more than two weeks, as Russia’s simmering standoff with the West over Ukraine heightens geopolitical risk and bolsters demand for the haven asset.