Gold’s enduring appeal in a fractured world

SINGAPORE – Safe spaces in financial markets have been hard to unearth as investors grapple with the risk of a protracted global trade conflict. In recent weeks, the value of US Treasuries and the dollar, traditionally the world’s premier refuges, have come under pressure from the Trump administration’s frequent shifts of tariffs, perceived threats to the Federal Reserve’s independence, and mounting worries over US fiscal sustainability.

Yet, as traditional “safe-haven” assets wobble, gold has once again demonstrated its worth. The precious metal is trading close to 8 per cent higher following

President Donald Trump’s April 2 tariff announcement,

which triggered the sharpest bout of market volatility since the onset of the Covid-19 pandemic in early 2020.