Gold prices are set to spiral to a new high this year as investors seek safe haven during an uncertain time worsened by Russia’s invasion of Ukraine, according to U.S.-based State Street Global Advisors.
State Street Vice President and Chief Gold Strategist George Milling-Stanley said in a recent written interview that continued high inflation along with an increase in geopolitical tensions set the stage for gold’s climb this year. Gold is often used by investors as a hedge against inflation.
The benchmark gold price in New York rose above $2,078 per ounce at one time last week, hitting the highest level since August 2020, as tensions between Ukraine and Russia intensified and Western countries mull stricter sanctions to slap on Russia.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.