LONDON — At his inauguration, President Donald Trump said that “the golden age of America begins right now.” He was right, in one sense.
The price of gold has been bursting through records in the first month of Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12% already this year, on top of a 27% gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.
There is so much demand for gold in New York, the global hub for futures trading, that it has led to long waits to get bars out of vaults in London, where the physical market for gold is based.
Gold has risen in the popular consciousness, too: Trump said Wednesday that officials in his administration would go to Fort Knox, the military base that houses about half of the Treasury Department’s gold reserves, “to make sure the gold is there.” (Treasury Secretary Scott Bessent later said it was.)