Gold Makes Run for Record High on War and Inflation Concerns “Spot gold was up 2.7% to $2,051 per ounce on Tuesday. It last hit a peak of $2,072.50 in August 2020.
U.S. gold futures climbed 3.1% to $2,058 per ounce.
‘The combination of roaring energy prices, grain prices, base metal prices has culminated in dramatic inflationary pressures that continue to be the major underlying support behind gold moves higher,’ said David Meger, director of metals trading at High Ridge Futures.
‘In addition, we’re seeing a significant amount of safe-haven bids in the gold market as equity markets have come under pressure due to major concerns on the geopolitical front,’ he said.
Soaring oil prices and the Ukraine war have slammed any appetite for riskier assets.”
“Bullion, which has risen nearly 13% this year, is considered a safe store of value during times of geopolitical uncertainty and rising inflation.”
https://www.cnbc.com/2022/03/08/gold-markets-dollar-russia-ukraine.html#:~:text=It%20last%20hit%20a%20peak,on%20Russian%20oil%20on%20Tuesday