Gold flirted with the $2,000 an ounce on Monday, led by safe-haven demand following a long weekend.
Ukraine also said that seven people were killed in a Russian missile attack in Lviv, located in the west of Ukraine.
The IMF is scheduled to cut its global growth outlook this week as it starts its Spring Meetings Monday.
The World Bank cut its global economic forecast to 3.2% from 4.1% for 2022, citing Russia’s invasion of Ukraine.
Inflation in the world’s largest economy is running at a four-decade high, the Fed is scrambling to tighten policy and likely to start raising rates in 50 basis points increments, China’s zero-Covid policy is creating further supply chain shocks, and of course there is a war in Ukraine that is showing no signs of ending soon,” said Exinity chief market strategist Hussein Sayed.
At the same time, gold managed to breach the $2,000 an ounce level early Monday, but prices retreated later in the session.
Gold has seen a strong bid on its safe-haven properties, according to analysts.
The precious metal has been steadily climbing, said MKS PAMP head of metals strategy Nicky Shiels.
Bitcoin was trading below $40,000 and Ethereum below $3,000, down more than 5% and more than 8% in the last seven days, respectively.
Even the crypto’s fear and greed index, an indicator used to gauge the mood of crypto, turned to “extreme fear” last week, dropping from 37 to 22.
BitMEX co-founder Arthur Hayes said that a drop to $30,000 is possible by June.
Technical analysis also suggests that Bitcoin could test the $35,000, which might not hold, said 22V ResearchTechnical analyst John Roque.
Strategists at Glassnode also said that Bitcoin’s correlation to risk-on assets is not waning.