Gold edged higher in early Asian trading, likely due to a technical rebound following last Friday's broad market sell-off. Spot gold rose 0.5% to $4,102.44 per ounce.

Analysts at Citi Investment Research noted in a report that for the precious metal's rally to sustain through 2026, the series of concerns driving gold prices higher in recent months may ultimately need to materialize as baseline scenarios. These concerns include the actual erosion of the Federal Reserve's independence—beyond mere perceived risks.

The analysts added: "We believe the logic holds that buying gold to hedge against such events could itself drive prices higher."