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Inflation continues to be a problem for consumers but is helping gold to gather strength with the precious metal hitting a new eight-week high in trading yesterday (Tuesday), signalling its continued allure.

The increase for gold comes as stock markets flounder on worries about inflation and the dollar continues to slide. In contrast, gold is gathering pace and traded up to £1,352 ($1,831). With the Federal Reserve sending mixed signals about when it might start to consider interest hikes, gold is looking stronger than ever.

Speaking yesterday, Neel Kashkari, the Minneapolis Federal Reserve Bank President indicated that the Feds may not decide on rate increases until mid-2022 and that the rate would likely remain unchanged for at least a few more years. He said, “We are getting these mixed signals out of the economy. Wages are rising, for instance, but the economy has an estimated 5 million to 7 million fewer jobs than would have been expected had there been no COVID-19 crisis. If the labour force does not return, then that’s going to give me more concern that the high inflation readings that we’ve been seeing may be sustained, because that means that hey, we are already at or maybe we are close to our economy’s potential.”

Against this backdrop, gold is a smarter choice than ever before. Buy now.

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