The price of gold climbed last week, challenging the high it reached when news broke that Russia invaded Ukraine. This strong uptrend continued as the events of the conflict became more complicated. Gold closed the week at $1,966.60 per ounce. The United States took drastic economic measures against Russia by sanctioning its central bank . This attempt to destroy the Russian ruble was labeled an “act of war” by Russian President Putin and will surely incur retaliatory measures at some point, probably in the arena of cyber warfare. Meanwhile, the U.S. dollar faces its own challenges. Calls to cut off current U.S purchases of Russian oil by politicians on both sides will only drive energy prices higher. Although Federal Reserve Chairman Powell said on Wednesday that the Fed will begin raising interest rates to combat inflation this month, higher energy costs will make it harder to win this battle. In a world suddenly at war on many fronts, gold’s ability to be a true store of value could provide protection for investment portfolios. Rick Andrews is president of Avant Capital Management.