Gold futures rise to a fresh high. Futures are up 1.2% at $2,971.30 a troy ounce after a new record of $2,973 an ounce earlier in the session. Gold's near 12% rise year to date surpasses even MUFG's above-consensus expectations, analysts say in a note.
Gold's rally has shrugged off a higher U.S. dollar and yields as well as growing Russia-Ukraine war settlement prospects, MUFG says. MUFG keeps its end-of-year spot gold estimate of $3,080 an ounce, but said there was clear upside potential. The bullion looks well-positioned to hedge risks from U.S. President Trump's policies.
Should Trump take a more aggressive approach to tariffs, raising inflation risks, gold can be viewed as a debasement hedge, MUFG says. In a more benign scenario, gold will still benefit from falling yields and increased interest-rate cut expectations, MUFG adds.
Source: MTN newswires
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