Gold climbed to its highest in one-and-half years on Monday and palladium hit an all-time high on safe-haven asset appeal, while nickel soared over 20% on fears of supply disruptions tied to sanctions on Russia and continued fighting in Ukraine.
Gold prices rose above $2,000 per ounce, palladium hit a record, LME 3-month nickel posted its largest ever one-day gain, and oil and wheat jumped to 14-year highs as Russia's escalating invasion of Ukraine continued to roil global commodities.
Stagflation refers to countries that are experiencing a simultaneous increase in inflation and stalled economic output.Spot gold was up 1% at $1,986.29 per ounce, as of 0520 GMT, after scaling to its highest since Aug. 19, 2020 at $2,000.69 earlier in the session. Russia accounts for 40% of global production of the metal, used by automakers in catalytic converters to curb emissions.
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