Trump's policies to spur further central bank gold buying

Trump's tariff policies and global trade wars, his approach to the war in Ukraine and disregard and questioning of decades-old alliances with Europe have upended the world order.

"Those central banks which had (less) gold in their holdings would be looking to add more," said a source selling gold to central banks. "This year's demand from central banks may be the highest in many decades."

Fears of spiralling inflationary pressures due to companies passing on tariffs to consumers in order to protect their profit margins as well as workers seeking higher wages have also boosted gold's role as a store of value and wealth.