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Gold Steady With Investors Weighing War and Rising Inflation

  • More sanctions on Russian energy could spur inflation
  • Bullion earlier climbed as much as 1% after second weekly gain
Updated on

Gold pared early gains as investors assessed the war in Europe, elevated inflation and the risk of a U.S. recession.

The precious metal earlier climbed as much as 1% after capping a second weekly gain, following increases in oil and natural gas. The possibility of a de facto European Union embargo on Russian gas and the threat of some curbs on crude in Europe’s next sanctions package have bolstered both commodities. That’s adding to already elevated raw material prices, fueling demand for gold as a hedge against accelerating inflation.