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Gold’s breakout moment: Opportunity or overvaluation?

Whether to hedge against uncertainty or wait for a pullback depends on each investor’s strategy and current positioning

    • Gold’s role as a safe-haven asset is unique, and we believe that gold prices are supported at current levels.
    • Gold’s role as a safe-haven asset is unique, and we believe that gold prices are supported at current levels. PHOTO: REUTERS
    Published Sat, Mar 22, 2025 · 05:00 AM

    GOLD kicked off the year with a strong rally, recently briefly hitting all-time high levels of above US$3,000 per ounce. Can this rally last, and what does it mean for emerging markets (EM) debt investors?

    Gold’s upward trajectory

    What’s fuelling gold’s momentum?

    The rally began early last year with expectations of interest rate cuts, later confirmed by the US Federal Reserve, Bank of England, and European Central Bank starting in mid-2024.

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