Gold Set for Biggest Quarterly Gain in Nearly 2 Yrs on Ukraine Crisis, Inflation Fears

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, on March 10, 2022. Alexander Manzyuk/Reuters

Gold on Thursday was headed for its biggest quarterly gains since the coronavirus pandemic-led surge in mid-2020 as concerns over soaring consumer prices and the Ukraine crisis bolstered bullion’s safe-haven appeal.

Spot gold XAU= was up 0.4 percent at $1,940.95 per ounce by 12:22 p.m. EDT (1622 GMT). For the month, bullion was up about 1.7 percent.