It's been a parabolic breakout in gold since late August, kicked off in part by Trump's efforts to take over the Fed and BLS. The aim is undoubtedly to push US monetary policy to a more-dovish place and that's helped to fuel both gold and equity markets to records. In addition, poor US economic data has the market sensing a genuine case for lower rates and a softening of the US dollar.
In terms of today's trade, the positive meeting between the US and China gold negative but it hasn't played out that way as the market isn't exactly sensing tariffs coming down.
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