Analyst: Hedging demand intensifies, bullish pattern for gold emerges

Odaily Planet Daily reports that due to the uncertainty of US President Trump's tariff plan, safe-haven funds continue to flow into gold. Spot gold rose 0.3% on Wednesday, setting a new historical high. Jim Wyckoff, senior market analyst at Kitco Metals said: "Due to the chaotic nature of the Trump administration, demand for hedging has increased and we have also seen bullish chart patterns." Analysts from Deutsche Bank stated in a report: "Central bank gold purchases should also continue to provide support for gold prices."