Geopolitical worries have more to do with gold rising to record highs than does inflation, Barrick Gold Corp.'s (NYSE:GOLD) chief executive said Monday in a conference call accompanying second quarter results. "The gold price is up because the world’s in a mess, not because of inflation," Barrick CEO Mark Bristow said on a conference call. "Inflation is part of that mess." He also said the market is undervaluing the company's gold and copper mines. Gold is often viewed as a safe-haven investment in times of economic and political uncertainty. The precious metal can also serve as a hedge against declines in the value of the U.S. dollar.  The precious metal is up some 21% over the past year, with futures notching a record above $2,500 an ounce. The World Gold Council, a trade group, said global gold demand hit a record in the second quarter, largely on flows from institutional investors, wealthy individuals and offices that maintain investment portfolios for high net-worth families. Also Read: Gold Fields Acquires Osisko Mining for $1.57B, Secures Control Over Highly Prospective Windfall Project Conflicts and Inflation Gold market experts point to conflicts in the Middle East and Ukraine as reasons behind gold's appeal at the moment. Both conflicts have ratcheted up recently, with reports that Iran is considering retaliatory action against Israel and news of a Ukrainian incursion into Russian territory. Meanwhile, gold investors are also buying the precious metal on expectations the Federal Reserve will begin a series of interest rate cuts next month. As a safe-haven ...