MEASURED RESULT
The gold-price path after February 24, 2022.
Gold gained 1.66% in the first London PM session and remained 1.42% above its baseline after 20 sessions, but finished 2.55% below the baseline after 60 sessions.
- Maximum advance
- +7.05%
- Maximum drawdown
- -5.00%
- Study horizon
- 60 London PM sessions
PRICE COMPARISON
One baseline, four consistent windows.
Returns are measured from the last available London PM benchmark before the event to the specified number of subsequent benchmark sessions.
$1,936.30 per troy ounce
$1,928.50 per troy ounce
$1,931.75 per troy ounce
$1,856.20 per troy ounce
Baseline: $1,904.70 on February 23, 2022. Price source: LBMA Gold Price PM. GoldPriceNow calculations are rounded to two decimal places.
EVENT ANCHOR
Why this date starts the comparison.
Russian military operations began inside Ukraine on February 24, 2022. The study uses the previous London PM benchmark on February 23 as its pre-event baseline.
Event source: United Nations statement on Ukraine, February 24, 2022.
INTERPRETATION
What the price path shows.
A historical return is an observation, not proof that the selected event caused every part of the move.
The first-session gain was positive but did not become a straight-line advance. Within the 60-session window, gold rose as much as 7.05% above the pre-event benchmark before reversing.
By the 60th session, the benchmark was below its February 23 level. This path shows why an initial safe-haven reaction and a medium-term gold trend should be treated as separate questions.
The comparison measures prices around one event anchor. It does not isolate the invasion from simultaneous changes in inflation expectations, interest rates, the dollar, energy markets or monetary policy.