BAYAN-OVOO, Mongolia/TOKYO -- The price of gold has never been higher, but many observers believe it could rise further given jitters around the U.S. Federal Reserve, import tariffs and resurgent inflation.

Tuya Damdinjamts visits a site in Selenge aimag north of Ulaanbaatar where her cooperative used to mine for gold until its license expired in 2022: The authorization was finally las March but the cooperative is still waiting on permission for blasting. (Photo by Byamba-Ochir Byambasure)
Legal digging by 'ninjas' blocked by standoffs with citizens' councils wary of pollution risks