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Gold prices have increased to highs not seen since U.S. President Donald Trump secured election victory in November as investors appear to seek respite in the so-called safe haven.
"(Gold price) support has come from the unwinding of the post-election Trump trade, which has seen bond yields and the U.S. dollar both move lower," Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said in a note on Friday.
The price of gold crept over the $1250 per ounce threshold for the first time in over three months on Friday. The breakthrough came just a day after U.S. Treasury Secretary Steven Mnuchin stressed an ambitious plan to ensure "very significant" reform passed before Congress' August recess.
Trump has frequently told U.S. citizens he remains committed on both tax reform and regulatory cuts since entering the White House which has created optimism among business executives and investors.
So far, the new administration plan remains unclear though Mnuchin told CNBC on Thursday, "We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan."
Investors appear to have understood Mnuchin's comments to mean that the U.S. administration's ability to implement fiscal policy to stimulate the U.S. economy is somewhat limited. Therefore, this could be part of the reason that explains the uptick in gold prices.
"The strength of far right candidates in upcoming European elections is also reason for investors to flock to the haven asset," Nitesh Shah commodities strategist with ETF Securities, told CNBC in an email on Friday.
Anti-immigration and far-right French presidential candidate Marine Le Pen currently leads in the latest opinion polls and has vowed to renegotiate the terms of France's membership of the European Union.
Though, ultimately her chances of emerging victorious in May are relatively low, investors appear to be increasingly nervous after failing to foresee the outcomes of the U.K.'s Brexit vote and U.S. President Donald Trump's victory.
Elections in the Netherlands, Germany and potentially even snap elections in Italy and Greece are all combine for investors to begin turning their attention to safe haven assets such as gold in order to protect their portfolios from shock events, Shah concluded.