Gold prices edged higher to trade near $4,200 an ounce as investors balanced the prospect of an energy truce against persistent geopolitical risks in the Middle East. The precious metal remains supported by safe-haven demand and broader uncertainty over global growth and inflation.
An energy truce, they say. Comforting. Meanwhile central banks hoovered up over 1,000 tonnes of gold for a third straight year — roughly a quarter of everything the mines dig up. That isn’t a safe-haven blip, it’s a slow-motion vote of no confidence in the paper everyone is still cheerfully pricing. Watch the truce, by all means. The vaults already voted.