Silver rallies to 8-month highs as Ukraine crisis deepens

Silver prices spiked in European trade to eight-month highs amid strong haven demand as the Ukraine crisis deepens.

Silver prices rose 1.75% to $26.15, the highest since July 2021, after rising 2.1% on Friday on active demand following a two-day hiatus from gains on profit-taking.

Silver prices rose 5.9% last week, the fifth weekly profit in a row, and the longest such streak since October 2021.

The US government stated earlier that the west is seriously considering a bank on Russian oil and gas imports.

However the west won't take such a step until alternative supplies have been reliably established, which could take some time.

US Congress is actively discussing new bills to completely bank Russian imports, in a step that would increase Russia's isolation.

It's the first such step towards completely removing Russia from the World Trade Organization.