Gold has rallied to a 19-month high as the US move to ban Russian oil imports fuelled concerns over inflation and economic growth. Strategists at ANZ Bank expect the yellow metal to continue benefitting from the safe-haven demand.

Russian sanctions are intensifying the stagflation risk

“Investors are shifting towards gold as the Ukraine-Russia war worsens.”

“With Russia being a major commodity producer, sanctions are intensifying the stagflation risk.” 

“We believe heightened geopolitical risks and higher inflation will support gold prices.”