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Gold consolidates near 3,950 dollars as US-Iran escalation risks clash with stubborn interest rates punishing non-yielding assets.

Reserve managers are buying bullion to diversify counterparty risk, with consequences for global gold demand, mining revenue and financial sovereignty.

Bullion backing Africa largest gold exchange-traded fund fell to $2.53 billion in the six months to September, yet the units closed at N86,001 in Lagos, roughly 57 per cent above the metal each unit represents.

Bullion climbed to about $4,145 an ounce on central-bank buying and rate-cut bets, diverging from crude in a market that is hedging rather than celebrating.