By bizn_fun 
Retail investors, banks and wealthy families have increasingly turned to gold, viewing it as a safeguard against global economic uncertainty, he said.
“Most of our clients are long-term holders,” Mr Gregersen added, explaining that the majority of his customers store their gold for more than four years.
“Gold will fall at some point, but I believe given the economic environment, it’s on an upward trend for a least five years,” he said.
As Mr Gregersen highlighted, gold prices fall as well as rise.
Its value plunged from $2,000 to $1,600 per ounce in 2022, after the US central bank raised interest rates to curb the inflation which was triggered by the Covid-19 pandemic, said Mr Heng.
A key risk to gold’s current rally is a sudden resurgence in inflation, which could prompt the Federal Reserve to raise rates, he added.
The recent climb in gold prices reflects expectations that the Fed will lower interest rates, making gold more attractive, said OCBC’s Mr Wong.
Meanwhile, Trump has ramped up pressure on the Fed, publicly criticising Chair Jerome Powell for not cutting rates quick enough and attempting to oust Fed Governor Lisa Cook over allegations of mortgage fraud.
The president’s targeting of the Fed can “undermine confidence in the [its] ability to act as a credible, inflation-targeting central bank,” said Mr Wong.
In such an environment, gold’s role as a hedge against uncertainty “gains renewed importance,” he said.