Investors piled into the "safe haven" asset on Tuesday, with the spot price reaching a record $2,141.59 (about £1,685) for an ounce, beating the previous record of $2,135 in December, before easing back again to about $2,128.
Comment: Note the previous record was just a few months ago, and this one was likely brought back down by those powers rigging the markets.
The US Federal Reserve is increasingly expected to cut interest rates - now at 23-year highs - in June. Reductions in borrowing costs typically push gold higher because it does not offer any interest.
Comment: With the geopolitical situation escalating at a pace unseen in a century or more, it seems more likely that gold's true value will only continue to rise, which is relatively good news for some nations: