Gold has become the best performing “Trump trade” in recent weeks, outperforming other major asset classes since the US President’s inauguration, as fears of a trade war and a potential hit to global growth fuel demand for the haven metal.
Bullion has risen in price every week this year as Trump starts to impose sweeping tariffs, and hit a new record of $2,942.70 per troy ounce this week. It has surged almost 7 per cent since before the January 20 inauguration despite slipping on Friday.
In contrast, Wall Street’s S&P 500 stocks index has risen less than 2 per cent, while other popular Trump trades such as bets on a stronger dollar, higher Treasury yields or bitcoin have backfired.
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