Gold’s rally has just crossed a threshold that draws everyone’s attention. Above $4,400 per ounce, the precious metal benefits from a particularly favorable mix: weakness in the U.S. job market, expectations of a more flexible monetary policy, and ongoing purchases by China. Added to these factors are geopolitical tensions and the rebound in oil prices, which are reigniting fears of inflation. In the face of economic and monetary uncertainty, investors and central banks are increasing their exposure to gold.

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