Gold prices rise as traders anticipate inflation data and long-term gains.

Thorsten Polleit, chief economist at Degussa, recommends investors to use any gold price weakness to build a strategic long-term position, as he sees gold prices going a lot higher in the next five years. He believes that the disparity between market expectations and comments from Federal Reserve Jerome Powell is creating some safe-haven demand for gold. Polleit also thinks that the Federal Reserve is downplaying the banking crisis to investors' detriment, and that the uncertain economic environment will continue to push investors to gold.