The Globe and Mail reports in its Thursday, Aug. 28, edition that gold prices have been consolidating between $3,300 and $3,400 per ounce for the past four months (all figures U.S.). The Globe's guest columnist Marius Jongstra writes that following a significant 70-per-cent surge from late 2023 to April, 2025, investors are questioning whether this loss of momentum signifies the end of the bull market or simply a pause before another rally. Mr. Jongstra's view leans toward the latter. The previous price surge occurred despite traditional valuation drivers, but now those drivers may come into play, bolstered by ongoing uncertainty and likely continued central bank demand. Gold reached record highs of over $3,400 an ounce despite high real yields on 10-year U.S. Treasuries exceeding 2 per cent and a strong U.S. dollar index, which surged toward 110 in January. Typically, these factors would hinder gold prices, but strong central bank buying amid global economic uncertainty and rising geopolitical risks propelled gold to new highs. From first quarter 2022 to second quarter 2025, central bank purchases totalled over 3,600 tonnes, more than double the previous equivalent period.