Gold approaching $3,000 an ounce is priced so far ahead of inflation that the yellow metal GC00 is unlikely to produce a positive real (inflation-adjusted) return in coming years.

The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.

Gold prices surged to a record high on Thursday, as fears of a global trade war sparked by U.S. President Donald Trump's tariff threats fueled safe-haven demand for the precious metal.