Analysts: Gold is increasingly seen as a tool to hedge against uncertainty surrounding Trump's policies.

 Chris Weston, Head of Research at Pepperstone, pointed out in a report that gold is increasingly seen as a tool to hedge against the "unpredictability" of Trump's policies. Although many traders view gold as a tool to hedge the risk of a US-EU tariff war potentially triggered by Trump over the Greenland issue, he noted that even after the tariff threat was lifted, the rise in gold prices did not retreat. Weston added that central banks worldwide, especially those in emerging markets, are looking for reasons almost daily to shift reserves from the US dollar to gold. He believes that spot gold and gold futures prices will "sooner or later" reach $5,000 per ounce, with the current target now within sight and attracting buyers.