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The Australian share market has lost more than $70 billion in a single day’s trade after Russian President Vladimir Putin formally announced an invasion of Ukraine.

At the close of trade the benchmark S&P/ASX 200 was down 2.99 per cent or 215 points to 6990.6 points.

Over the past five days, the local market has lost more than four per cent of value and the current 12-month average is down 3.14 per cent.

At the close of trade the benchmark S&P/ASX 200 was down 2.99 per cent or 215 points to 6,990.6 points. (Google Finance)

Meanwhile, the price of oil and gold continue to explode as investors turn to what are traditionally dubbed “safe haven” assets.

Safe haven assets are those investors believe are not intimately connected to a particular nation’s economy.

Following Mr Putin’s announcement, the price of gold rocketed up 2.59 per cent to US$1947.

That’s a high not seen since the middle of 2021.

The price of gold has exploded in the past two hours as investors rush to safe haven assets.

Infamous cryptocurrency Bitcoin is continuing to slump.

Following Mr Putin’s announcement, BTC plunged almost 8 per cent to a price of US$34,922 per coin.

Gold is not the only asset that is spiking following Russia’s announcement.

The price of Brent Crude oil jumped past US$100 a barrel.

Brent Crude oil is named after the oilfield in the North Seas where it is extracted.

It is used to set the price of approximately two-thirds of the world’s traded oil supplies and thus is typically used as a barometer for all other oil prices.

This satellite image provided by Maxar Technologies is showing parts of a military convoy moving south in and around Golovchino in Russia, which is 16 kilometres north of the border with Ukraine.
This satellite image provided by Maxar Technologies is showing parts of a military convoy moving south in and around Golovchino in Russia, which is 16 kilometres north of the border with Ukraine. (AP)

Typically the higher the price of oil grows, the more expensive fuel becomes.

Overseas, the Moscow Stock Exchange announced it will suspend all trading in all markets.

“Moscow Exchange has suspended trading on all of its markets until further notice,” the bourse said in a short statement.

The MOEX has lost approximately 30 per cent of its total value in the past week.

Vladimir Putin throughout the years

Vladimir Putin through the years: Who really is Russia’s President?

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

Source: 9News

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