What colour is the fluid?

Could be the strut bearing binding. Lift the front end and have an assistant turn the wheels while you inspect. Also vehicles equipped with speed sensitive steering have a solenoid attached the rack that can become faulty, but I'm unsure how to diagnosis it.

Mileage?

 

The color of the fluid is yellowish. Car has 203k km.

 

Hate to ask the dumb/obvious question but did you check the fluid level? I've had that happen due to air in the system.

It can also happen due to a slipping belt, is the belt and tensioner in good condition? Although if it's the belt it's often accompanied by flashing dash lights as the alternator tends to slip also.

And it can be binding strut bearings too.

 

Checked the fluid levels, and other than the fact it is old, the proper level is there. Belt and tensioner seem to be in okay shape. I'll check on the strut bearings, as that's not something I would have thought about. My volvo contact has recommended the lower u joint on the steering column, as they tend to seize as well.