PHYS - Gold climbs to five-week high as war inflation boost safe havens

Gold futures briefly topped $2,000/oz Monday, rising to their best levels since mid-March, as Russia's continuing invasion of Ukraine offers no letup for global inflation, supporting safe-haven demand for the metal. Comex gold for June delivery (XAUUSD:CUR) settled +0.6% at $1,986.40/oz, the highest settlement for a most-active contract since March 10, after reaching as high as $2,003/oz, while May silver (XAGUSD:CUR) closed +1.8% at $26.15/oz. ETFs: (NYSEARCA:GLD), (GDX), (IAU), (NUGT), (PHYS) "Gold directly benefits from the Russia-Ukraine conflict inflation effects, which are now more meaningful than direct military developments in a market sense," according to SPI Asset Management's Stephen Innes. "These consequences have fabricated a hyper-inflationary environment that sees gold investors stocking up on paper and physical for the eventual procession to recession." Prices rising above the key medium-term technical resistance level of $1,975/oz is "likely to have attracted momentum-based traders back into the bullish camp," said Kelvin Wong, an analyst

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Gold climbs to five-week high as war, inflation boost safe havens