<b>Why has gold sustained such a long bull run</b>

This study focuses on factors supportive of gold’s bull run. In the light of the increasing complexity of the bullion market, we try to use a comprehensive robust framework to examine the importance of each factor in determining the prices. The random tree regression results show that macro factors such as central bank buying and inflows into gold ETFs, the Fed’s policy tilts and U.S. government debt, have played a crucial role while short-term factors, like 10-Year Treasury Inflation-Indexed Security Rate, S&amp;P 500, gold to silver ratio, USD Index, employment report, and CPI, have taken a back seat. Gold acts as a quintessential hedge against inflation and uncertainties.