While the stonking rally in gold prices earlier this year was at odds with traditional market drivers, the latest leg up in gold prices – which saw the nominal price reach yet another fresh record high this week – bears the hallmarks of a return to normal service. Looking ahead, there is no shortage of factors to suggest that gold prices will remain well supported over the coming years. But in a similar vein to people questioning whether Nvidia shares are “priced to perfection”, it’s not unjustified to consider how far and how quickly gold prices could fall were geopolitical risks to ease.
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