Market fears of the war in Ukraine and continued perception of the US central bank as being behind the curve are supporting Gold markets, economists at TD Securities report. 

Protracted war in Ukraine raises both geopolitical uncertainty and inflation risks

“The potential for a protracted war in Ukraine simultaneously raises both geopolitical uncertainty and inflation risks, fueling demand for the yellow metal as a safe haven. This trend has also likely been exacerbated by the concurrent decline in global equity and bond prices, which is consistent with fears that Treasuries may be less potent havens in a higher-inflation regime.” 

“While the Fed is signaling its intent to combat inflation by reaching policy neutrality by year-end, and starting an aggressive QT regime, outflows from gold markets have been scarce as participants are happy to retain some optionality against the Fed's stated plan amid growth concerns.”