Gold price surges on stagflation fears as attack on Ukraine intensifies

As Russia’s invasion of Ukraine intensified this week, gold spiked to $1,970 an ounce. New sanctions against Russia triggered massive jumps in commodity prices as well. Wheat is up about 40% on the week, palladium is up 22%, and oil is up 20%.

Fears of stagflation also started to creep in, with concerns over high commodity prices impacting inflation and slowing growth. Here’s a look at Kitco’s top three stories of the week:

3. ‘Everything is so uncertain’: Fed is worried Ukraine war could push inflation higher, slow growth, says Powell

2. Is Russia’ panic gold buying’? And is panic-selling about to kick in?

1. Gold price to hit $2,150 on Russian invasion, ‘very high inflation path’ – Goldman Sachs
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