This question is extremely applicable to the current conflict because it will exponentially magnify the record high level of inflation which began years ago as the Federal Reserve and central banks embarked on one of the most accommodative monetary policies

Inflation is currently running at 7.9% and new forces emerging over the last month will exponentially magnify the pace at which inflation continues to grow. It could challenge the highest level we have seen in since 1979.

Yesterday’s market sentiment was an underlying explanation of why gold traded lower on the day.