The Russia-Ukraine conflict has escalated into a phase of long-range strikes and counterstrikes. Ukrainian President Volodymyr Zelenskyy is actively seeking international support to prevent the destruction caused by the war from becoming normalized by the international community. After Ukraine endured over 3,300 various munitions attacks in one week, he warned that the world cannot turn a blind eye to Russian assaults, emphasizing that the absence of a global response leads to more frequent and brutal attacks.
This new stage of the conflict, characterized by long-range duels and infrastructure targeting, is expected to significantly and persistently boost gold prices through three main channels: heightened safe-haven demand, created uncertainty in energy supplies, and elevated geopolitical risk premiums. During Asian trading hours on Monday, spot gold prices oscillated higher, trading near $5,000 per ounce with an intraday gain of approximately 0.7%, after earlier touching around $5,046 per ounce.
The intensity of the fighting is clear from the more than 3,300 long-range attacks Ukraine faced in the past week. Zelenskyy stated that Russian forces launched over 2,000 attack drones, 1,200 guided aerial bombs, and 116 missiles at Ukraine, targeting energy and logistics infrastructure as well as residential buildings. From Saturday night into Sunday morning, Ukrainian forces intercepted 69 out of 101 drones, but 32 still hit 13 different targets. The persistent attacks have caused widespread power outages across multiple regions of Ukraine, following a large-scale aerial assault last Friday, severely damaging both civilian and industrial facilities.
Facing immense pressure on the battlefield, Zelenskyy announced a more aggressive strategic shift. He explicitly designated Russia's energy sector as a legitimate target for Ukrainian strikes. The rationale directly links to the conflict's economic foundation, stating that Russia sells oil, acquires funds, invests in weapons, and then uses those weapons to kill Ukrainians. This signifies that, beyond traditional military objectives, targeting Russia's "sources of funding"—its energy infrastructure—will become a strategic option for Ukraine. Zelenskyy also announced new sanctions against foreign companies supplying critical components for Russian drone and missile production.
The fierce exchanges on the battlefield are rapidly spilling over into other domains. While Ukraine endures attacks, it continues its own long-range drone strikes against Russia. The Russian Defense Ministry reported that its forces shot down 22 Ukrainian drones overnight. Simultaneously, a foiled assassination attempt in Moscow has further heightened tensions. Russia's Federal Security Service announced the arrest and extradition from Dubai of a Russian citizen allegedly involved in the shooting of a senior Russian military intelligence officer, accusing him of working for Ukrainian security services. Ukrainian authorities have denied involvement, but Russian Foreign Minister Sergey Lavrov has directly pointed the finger at Kyiv.
The current situation indicates the conflict has entered a new 'balance of terror' stage, defined by long-range strikes and infrastructure destruction. Ukraine's attempt to turn the tide by striking Russia's energy economic lifeline could impact the stability of global energy markets. The escalation of cross-border attacks and accusations suggests the war's risk boundaries are becoming increasingly blurred. Zelenskyy's calls for tangible support for Ukraine and sustained pressure on Russia will be central to future international diplomatic efforts. The outcome will not only determine Ukraine's fate but also profoundly impact security and economic landscapes in Europe and globally.
A comprehensive assessment of gold price trends suggests the new characteristics of the current Russia-Ukraine conflict—systematic long-range strikes, targeting of energy economies, and the扩散 of cross-border attacks—significantly reinforce its status as a core risk source for global markets. This is not merely a regional military conflict but a macro event affecting global energy security, inflation trajectories, and growth expectations. Consequently, gold, as an ideal hedge against such complex risks, receives multi-dimensional support, and its upward trend is expected to solidify. Investors should closely monitor subsequent attacks on energy facilities, developments in Western military aid, and any events that could potentially widen the scope of the conflict.