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Gold set for new high this year on Ukraine crisis: State Street

Inflation, pandemic worries also send investors to seek safety in bars and coins

State Street Global Advisors' gold expert George Milling-Stanley sees the price of gold reaching a new high this year.

TOKYO -- Gold prices are set to spiral to a new high this year as investors seek safe haven during an uncertain time worsened by Russia's invasion of Ukraine, according to U.S.-based State Street Global Advisors.

State Street Vice President and Chief Gold Strategist George Milling-Stanley said in a recent written interview that continued high inflation along with an increase in geopolitical tensions set the stage for gold's climb this year. Gold is often used by investors as a hedge against inflation.

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