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The price of gold has risen above $1250 per ounce for the first time since the week of Donald Trump’s US election victory, as investor faith in the growth-focused “reflation trade” fades.

The yellow metal edged up 0.4 per cent on Friday morning, pushing to $1254 per ounce, its highest level since November 10.

Gold bugs were disappointed in the aftermath of the US election when Donald Trump’s surprise victory failed to provoke the run to haven assets that many had predicted, but it has steadily recovered since the end of the year as anxiety about President Trump’s plans has increased.

Copyright The Financial Times Limited 2017. All rights reserved.

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