Investors are seeking out the safety of the yellow metal to hedge against inflation and a possible Ukraine invasion by Russia.
"There is a lot of government data around inflation. Inflation is definitely there, and the way we are dealing with it — we are not dealing with negative interest rates, which is the only way you can stop inflation, all good for gold," said Barrick Gold president and CEO Mark Bristow told FOX Business.
Barrick earlier this week reported stronger than expected quarterly results and boosted its dividend by 11% along with plans to buyback $1 billion in stock. Forthcoming rate hikes by the Federal Reserve, with the first possible in March of 2022, may be followed by as many as six more this year, according to Goldman Sachs and Bank of America. Gold last hit a record $2,051.50 in August 2020 as the COVID-19 pandemic raged, as tracked by the Dow Jones Market Data Group.
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