Gold price swings as Ukraine crisis sharpens market divide

TOKYO — The crisis over Ukraine pushed gold to a one-year peak last week before a sharp reversal, and the price volatility widened a gulf between bulls and bears of the precious metal that has been growing for months.

In one camp, banks such as Goldman Sachs see gold setting new highs as it becomes the “currency of last resort” in a time of high inflation and global uncertainty. In the other, the likes of UBS, who say rising interest rates across the globe will diminish the luster of an asset that produces no income and offers no claim on any earnings.

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