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After months of dismissing soaring inflation as transitory, the Federal Reserve has admitted that there is now a risk that it could go even higher – adding further wind to gold’s sails as it gathers price pace in the wake of fears surrounding the Omicron variant.

Newly reappointed Federal Reserve Chairman, Jerome Powell conceded in comments made to the U.S Senate on Tuesday that, “Generally, the higher prices we’re seeing are related to the supply and demand imbalances that can be traced directly back to the pandemic and the reopening of the economy. But it’s also the case that price increases have spread much more broadly … and I think the risk of higher inflation has increased.”

This is something of an about face for Powell, who has appeared largely untroubled by inflation fears. From a precious metals perspective, this is an additional surge of positivity, given gold’s strong performance historically in the face of elevated inflation.

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