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There is renewed appetite for gold among investors as a “hedge against unclear US fiscal plans”, as a “hedge against inflation, amid questions over the Fed’s willingness, or ability, to fight inflation independently” and as a hedge against worries about the AI boom, according to Ipek Ozkardeskaya, a senior analyst at the Swiss banking group Swissquote. The latest rises came as investors awaited US inflation data and a closely watched speech from the new US Federal Reserve chair, Kevin Warsh, amid anxiety in government bond markets over inflation and Donald Trump’s tax and spending plans. “Looking ahead, we expect dips in gold to be well-supported from buyers looking for gold to make its way towards the next upside resistance at $4,900/$5,000,” said Tony Sycamore, a market analyst at the broker IG.
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