Big investors have turned to gold and the US dollar rather than the traditional safety of government bonds, as anxiety grows over an inflation shock threatened by the war in Iran.
Gold raced close to a record high on Monday, jumping as much as 2.6 per cent to more than $5,400 a troy ounce, as drone strikes on Qatar’s natural gas facilities raised fears of a new energy crisis. It was later up 0.7 per cent on the day.
But government bonds, typically a haven in stormy markets, weakened as traders braced for a rise in inflation, pushing the yield on two-year German Bunds up 0.08 percentage points to 2.09 per cent.
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