Gold flirts with record highs

With inflation surging, gold — the traditional hedge on rising prices — has flirted with new record highs.

The big picture: The yellow metal is traditionally viewed as a safe haven during times of crisis, especially by investors in emerging markets.

• Russia is also one of the world's largest gold producers, and recent sanctions on the country have made buyers jittery about supply — leading some to stock up.

Worth noting: The crippling sanctions highlight the risks central banks face in holding their reserves in dollars and other foreign currencies.

What they're saying: "We expect Central Bank gold demand to reach its historical high level as [central banks] globally have both strong diversification and geopolitical reasons to shift reserves into gold," Goldman Sachs analysts wrote in a note this week.