Gold has rallied to $1,971/oz. In order to build a portfolio robust enough to navigate the Ukraine crisis, economists at UBS see holding the yellow metal as a key action.

Using commodities as a geopolitical hedge

“Amid the risk of supply disruptions, we think broad commodities can be an effective geopolitical hedge for portfolios, as well as offering an attractive source of returns in an environment of accelerating growth, persistent inflation, and higher rates.”

“We think a protracted escalation could push gold prices above $2,000/oz.”