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Gold Has Fallen Back from Record Highs. The Fear Trade Could Send It Higher Again. - BARRON'S

APRIL 30, 2025

Brian Swint

The gold rally has already reached impressive heights this year, but it may have further to run if worries about the impact of a trade war prompt more U.S. investors to pile into the precious metal.

Most of the advances so far have come from China and other emerging markets, not the U.S., according to the World Gold Council. That may be about to change.

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