Investors have sought refuge in bullion amid mounting concerns over US President Donald Trump’s disruptive trade and geopolitical agendas. The price of gold has hit a series of record highs in 2025, extending a ferocious run from last year.
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What’s driving the gold rush from London to New York?
Surging bullion prices have stoked speculation on Wall Street that the US could revalue its gold stockpiles, even though Treasury Secretary Scott Bessent has dismissed the idea. He told Bloomberg TV in February that it’s “not what I had in mind” when he previously spoke of monetizing the asset side of the US balance sheet.
