Gold Prices Hit Record Highs Amid Inflation, War In Ukraine

The price of gold is near an all-time high with Tuesday, March 8 being one of the busiest days the industry has ever had. Experts say worried investors are fueling the gold rush.

With inflation on the rise, a war in Ukraine and what feels like constant shifts in global economics, people are turning to gold for stability.

Owner of Tulsa Gold and Gems Spencer Fisher said today he saw a peak of $2,078 per ounce of gold.

"That means people are pulling out of their stocks and turning it into gold and silver," Fisher said.

The CEO of Oklahoma City-based precious metal trader APMEX Inc. Ken Lewis said when the world feels uncertain - investors turn to gold.

“Obviously, events that are over there in Ukraine and Russia are having a lot to do with this. A lot of migration to safe-haven investments in general," he said.

“It’s tried and true first and foremost. You know gold’s been around forever," he said.

Fisher and Lewis say Ukraine isn't the only factor. Rising inflation has led to a rise in gold.

“Gold tends to maintain a steady performance there. So even in times like this it’s nice knowing your dollars are just not going away due to inflation," Lewis said.