Gold’s long-term bull market is increasingly being driven by a force larger than inflation, interest rates or geopolitical tensions: the world’s growing debt burden.

Gold prices stabilised on Monday after recovering from earlier losses, as growing hopes of a potential ceasefire between Israel and Iran helped support safe haven demand. However, stronger than expected US employment data boosted the US dollar and reinforced expectations that the Federal Reserve may maintain higher interest rates for longer, limiting gold’s upside.