Recently, under the influence of tensions between Russia and Ukraine, the global market is volatile and risk aversion is strong. Gold, known as the "king of safe haven assets", has risen to a high of 1976.5 US dollars / ounce.

When the market adjusts sharply, money tends to flow into safe-haven assets such as precious metals, long-term Treasurys, the dollar and VIX derivatives. How are these assets performing recently?

Data show that in the week since the Russian-Ukrainian crisis escalated into a military conflict on February 24 this year, Hong Kong-US gold stocks have performed brightly, surpassing safe-haven assets such as the dollar index, gold futures and US Treasuries.

Among them, Hong Kong stocksChina Gold International (02099.HK) $、$Zijin Mining Group (02899.HK) $The cumulative increase is more than 7% for US stocks.$Sibanye Stillwater (SBSW.US) $Increase by more than 10%$Jintian (GFI.US) $It's up more than 8%. By contrast, the dollar index and COMEX gold rose about 1 per cent, while 10-year Treasury yields fell more than 7 per cent.

Gold bulls Goldman Sachs Group recently issued a report saying that driven by rising energy prices, the escalation of the situation in Russia and Ukraine has brought obvious risks of stagflation to the overall economy, and is confident that gold prices can reach the target price of 2150 US dollars per ounce within a few months.

However, Standard Chartered Bank analyst Suki Cooper cautioned: "geopolitical highs tend to be short-lived. On average, gold prices tend to stabilize immediately after risk events and recover their gains within a month, and with the advent of 2022, we expect gold prices to return to a situation that fluctuates with real yields. "