"How can you with confidence apply risk-on or risk-off thematics when data is pretty beige and Washington a massively eye-popping, head-shaking uncertainty?" asks Informa Chief Macro Strategist David Ader.
Gold has added 13 percent this year as Trump failed to deliver on campaign promises to ramp up U.S. growth by cutting taxes and boosting infrastructure spending.
Events of the past year including make-or-break elections for the euro have washed over financial markets, suggesting policy, not politics, would be the rally’s undoing.