Singapore — Gold is gripped by conflicting forces. Bearish investors see no incentive to hold it because equities are climbing to records, the global economy is recovering, and the Federal Reserve is so wary of tight labour markets that it has pledged to increase US interest rates further this year. At the same time, bulls say gold is an appealing hedge as long as Donald Trump’s US presidency remains mired in controversy and legislative gridlock, and as terrorist attacks and geopolitical tensions heighten risks for other assets. While prices are up 9% this year, they’re little changed from a year ago. Over that period, bullion has been on a roller-coaster ride, rising as high as $1,375 an ounce and dropping as low as $1,123. Gold was at $1,256 on Friday. In early June, prices burst through a slumping trend line going back to the record $1,921.17 in 2011. But the rally failed to hold above the long-term bearish trend, and that "is not a healthy sign," said Fawad Razaqzada, a London-b...
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