The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.

The price of gold hit a record of $US2946 per troy ounce in London on Wednesday, its 11th record in 2025 and the latest milestone in a years-long rally since the Covid pandemic in 2020, when it crossed $US2000 for the first time.

Gold approaching $3,000 an ounce is priced so far ahead of inflation that the yellow metal is unlikely to produce a positive real (inflation-adjusted) return in coming years. That’s the implication of research from Campbell Harvey,