Gold is benefitting from safe-haven demand, though easing tension saw prices back to $1,900. Economists at ANZ Bank expect the yellow metal to remain supported amid geopolitical risks and soaring inflation.

Russian sanctions are intensifying the stagflation risk

“Investors are shifting towards gold as the Ukraine-Russia war worsens and uncertainties linger.”

“With Russia being a major commodity producer, sanctions are intensifying the stagflation risk.”

“We believe heightened geopolitical risks and higher inflation will support gold prices.”