Gold demand surges as trade war fears and de-dollarisation rise and supply stays tight

Gold price is being shaped by geopolitics and ETFs

Campbell R. Harvey says escalating uncertainty from trade wars and accelerating de-dollarisation is boosting global demand for gold, despite its limited supply. He points to how gold has become more “financialised” through ETFs, amplifying market moves. Short-term swings can be sharp, but he frames gold as a long-term store of value and a hedge that may help protect portfolios during stock-market stress.