Geopolitical risk has built and built, gold getting a tail wind.

Its jumped in Asia trade:

gold 18 October 2023

The gold bugs are going to argue that with the rising stress in the Middle East, it'll be oil prices that are 'higher for longer' and the weight on economies will tip over into recession. And thus interest rates will not be higher for longer, central banks will be forced to accommodate again.

The gold bugs may have a point.