Weekly Markets Monitor: Gold flirts with support
30 June, 2025
Highlights
- Last week saw easing geopolitical tensions and some trade policy progress. Economic data showed mixed trends: U.S. indicators soft, euro area sluggish, and the UK, Japan and India improved.
- Global equities rose, with U.S. benchmarks hitting new highs, while Treasury yields and the dollar fell, and oil prices declined.
- Gold has broken key support from its medium-term 55-day average despite a weaker USD and lower bond yields to warn of a more protracted correction/consolidation.
- US job market stats are key this week following a tandem decline in the US 2-year Treasury yield and dollar – as the Fed’s Bowman joined Waller in voicing support for a July cut. However, Powell noted recently that “there is room to be patient”, highlighting the divergence of opinions inside the Fed (C.O.T.W). It’s a jampacked shortened data week in the US. Market volatility possible on Tuesday and Thursday.
Chart of the week - Pressure mounting?
Based on 10-minute tick data to 27 June. Source: Bloomberg, MS Copilot,, World Gold Council
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