The price of gold gained 4 per cent last month before rising to a high of US$3,650 early Friday.

This year’s meteoric gold rally has been driven by war, lingering inflationary pressures, erratic U.S. trade policies and President Donald Trump’s attacks on Federal Reserve independence, making the metal a winning hedge against a world turned upside down.

Gold investors now need to brace themselves for what comes next: zzzzz.

That’s right, the underpinnings for gold’s next move could be far less dramatic than the headline-grabbing events that sent investors scrambling for the perceived safety of bullion over the past year.

The next phase of the rally could rest on factors that are far more traditionally aligned with gold, such as expected Fed rate cuts and a weaker U.S. dollar.

Still,

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