Insights

In response to a relentless rise in longer-term bond yields, the US Treasury announced that they were increasing their ‘buybacks’ of longer-term Treasuries to stem the rise. Yields dropped, as did the dollar and gold rallied 3%. This is not yield-curve control (YCC) but it might be a step in that direction, as Mohamed El-Erian remarked following the announcement. Here’s our take on what it means.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade unpack gold's push toward $4,400/oz, as softer US economic data clouds the outlook for further Fed rate hikes.

India's gold market showed signs of strengthening, supported by recovering jewellery demand, steady investment demand, increased futures trading activity, and a rebound in imports. These developments  point to improving conditions ahead of the festive season.

Last week, global economic updates delivered a blend of signals, while US-Iran talks showed little progress. In the US, subdued inflation, weak retail sales and softer consumer sentiment reduced expectations of near-term rate hikes. In the Eurozone, Q2 growth surprised to the upside and inflation remained contained. Meanwhile, deflation concerns resurfaced in China, while inflation stayed elevated in both Japan and India. 

China’s wholesale gold demand rebounded in June, closing a relatively subdued H1 weighed down by weakness in the jewellery sector. Despite June’s loss, Chinese gold ETFs recorded robust inflows in H1. Retail investment demand for bars and coins also remained strong during the first half. Meanwhile, the PBoC extended its gold-buying streak to 20 months in June, reporting the largest gold purchase since October 2023 and lifting its holdings to 2,346t, representing 8% of total reserves.

Geopolitical concerns eased as talks on access through the Strait of Hormuz continued.  Economic updates were uneven across major economies: in the US, resilient business activity and strong corporate earnings contrasted with a cooling labour market; Eurozone manufacturing improved; China’s exports stayed strong even as domestic activity moderated; Japan’s consumer spending weakened further; and in India, the RBI kept rates unchanged while business activity moderated.  

Central banks bought 51t of gold in June with Poland and China continuing to lead gold accumulation. Buyers for the month included Uzbekistan, Kazakhstan, Jordan, Czech Republic, Ghana and Georgia, while net sellers this month were Russia and Turkey.

Last week was marked by shifting monetary policy expectations, fragile geopolitical conditions in the Middle East, and volatility across equity and currency markets. The Fed, BoE, and BoJ all held rates amid dissenting votes.

Geopolitical tensions re-escalated last week as the conflict around the Strait of Hormuz intensified (though paused late on Friday) and the US unveiled fresh tariffs.

In this episode of Unearthed, hosts Joe Cavatoni and John Reade examine how scientific innovation is strengthening transparency across the global gold supply chain.

Geopolitical tensions escalated last week, while economic data pointed to divergence. In the US, inflation softened; consumer demand and labor markets stayed resilient. In the Eurozone, the trade deficit widened and industrial production fell.

Following June's sharp price decline, gold prices have broadly stabilised in July. While overall consumer demand remained subdued, lower prices supported jewellery purchases, ETF inflows and digital gold demand. At the same time, bar and coin demand softened, and gold imports declined further.

China’s wholesale gold demand rebounded in June, closing a relatively subdued H1 weighed down by weakness in the jewellery sector. Despite June’s loss, Chinese gold ETFs recorded robust inflows in H1. Retail investment demand for bars and coins also remained strong during the first half. Meanwhile, the PBoC extended its gold-buying streak to 20 months in June, reporting the largest gold purchase since October 2023 and lifting its holdings to 2,346t, representing 8% of total reserves.

Geopolitics resurfaced last week as the US-Iran ceasefire came under strain. US data pointed to softer services activity, a wider trade deficit and hawkish Fed messaging. 

In this episode of Unearthed, hosts John Reade and Joe Cavatoni take stock of a gold market that has calmed after a more volatile first half of the year. 

Economic updates were at the fore last week. In the US, weak jobs data and softer manufacturing activity reduced expectations of near-term Fed tightening.

Central banks were back in buying mode in May – and with a little more spring in their step. Based on the latest reported data, official gold reserves increased by a net 41t during the month, with purchases once again concentrated among a familiar cast of buyers.

The past week saw US‑Iran tensions ease following peace talks, with shipping through the Strait of Hormuz resuming. 

In this episode of Unearthed, hosts John Reade and Joe Cavatoni discuss the findings of the newly released Central Bank Gold Reserves Survey 2026 and examine the recent gold price.

A data light shortened week in the US put the spotlight on Fed Chairman Warsh’s first meeting and a perceived ‘hawkish pause’. Sentiment was however aided by signing of a Memorandum of Understanding between the US and Iran.