- Gold advanced to the highest price since end of 2020, amid renewed demand as geopolitical tensions persist over Ukraine.
- The latest developments in the Ukraine also lifted aluminum and nickel, (since Russia is one of the top suppliers of both metals)
- Aluminum gained 2.5% to reach new high of $3,214.50 a metric ton, on the London Metal Exchange, according to Bloomberg
*Bloomberg chart on gold surge
As a consequence, tensions are bringing investors back to gold as a store of value despite growing expectations the Federal Reserve will aggressively raise rates to curb the record inflation
Exchange-traded funds have recorded inflows for four weeks straight, while hedge funds trading gold boosted their bullish bets in ‘precious stone’
“The markets are reacting by seeking safe-haven assets in a dynamic that strongly supports the precious metal,” concluded the analysts at ActivTrades.