The war is pushing up gold prices hard

In the second week of March, the price of an ounce of gold exceeded €2,000 (over PLN 9,000 per ounce. These are record levels. 

"The war in Ukraine is quite obviously conducive to gold, but it must be remembered that the main driving force behind the rise in gold prices is the inflationary risks associated with this crisis," Aleksander Pawlak, Tavex CEO, said.

"We have a conflict between Ukraine, which is one of the largest exporters of wheat in the world, and Russia – one of the main exporters of energy resources. This conflict inevitably limits the potential of both countries, pushing up the prices of these raw materials near the all-time record, so in the near term that has to translate into the price level in stores," he added.

In his opinion, recently we have also observed an increase in Poles' interest in investment gold. This interest has not started now, we have been observing this continuous growth since 2019. Poles are looking for alternatives primarily to bank deposits, which have been number one so far.

(Newseria)