Gold Nears 19-Month High as Russian Oil Ban Drives Flight to Safety

Bullion has gained 12% in 2022 and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy. Photo: Bloomberg

(Bloomberg) — Gold held near a 19-month high following a ban on Russian oil imports, as mounting concerns over inflation and economic growth boost demand for the haven asset.

Bullion has gained 12% in 2022 and is closing in on a record as investors seek a store of value amid the threat of an inflationary shock to the global economy. Holdings in gold-backed exchange-traded funds have climbed to the highest since March 2021, with inflows of about 152 tons this year, according to initial data compiled by Bloomberg.