"The low interest-rate environment [and] rising inflationary expectations...remain highly favourable for gold in the medium-to-long term," says Cameron Alexander, director of precious metals research at consultancy Refinitiv. Also pointing to "economic headwinds, ongoing tensions between the United States and China, and the second wave of Covid-19...in the near term we are likely to see increased volatility [and] choppy trading in the stock markets and the gold price," he adds, "particularly in the run up to US presidential elections."