Our Gold Market Commentary series offers monthly analysis of what has been driving the gold price, current trends in gold performance, and topics that might influence gold going forward. Each report blends quantitative insights – spot price movements, ETF flows, futures positioning – with qualitative commentary on macroeconomic and geopolitical shifts.
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Gold Market Commentary: When the wells run dry
Looking back: A stronger euro and tariff fears edged gold to new highs once again in March. Looking ahead: fiscal and monetary support may be receding, and the timing isn’t great for risk assets given the liberation day turmoil. But gold could benefit further and despite a strong rally, fundamentals remain solid.
Gold Market Commentary: Riding a wave of uncertainty
Gold hit new highs in February, supported by a weaker US dollar and extending its y-t-d gains to 9%. Rising inflation expectations, lower rates, and continued geoeconomic uncertainty are playing in gold’s favour.
Gold Market Commentary: Snakes and ladders
Gold punched through all-time-highs at the end of January with tariff fears, a weaker dollar and softer bond yields all contributing. Chinese gold market activity stayed true to its typical seasonal January strength and analysis suggests positive follow-through into February.
Gold Market Commentary: January jitters
Gold gave back less than expected due to a strong dollar and profit-taking, as a positive outlook and higher risk constrained outflows.
Gold Market Commentary: Under pressure
The start of November saw gold pressured by higher opportunity costs and a Republican clean sweep. Stronger bond yields and US dollar, risk-on in equities, a boost to cryptocurrencies and quelling of geopolitical risk might see a near-term retracement in gold.
Let's Tally the Rally
Delaying our Gold Market Commentary until after the possibly volatility-inducing US election, we instead take stock of some interesting statistics regarding October's and the year-to-date stellar run-up in gold prices.
Gold Market Commentary: Jumbo cut drives gold rally
Gold posted a 3.6% gain in August driven by lower rates and a weaker US dollar. Mixed data releases have made the direction of global economy less certain and gold options indicate that investors may be hedging against a combination of more aggressive rate cuts and US election uncertainty.
Gold Market Commentary: It's always the quiet ones
Gold posted a 3.6% gain in August driven by lower rates and a weaker US dollar. Mixed data releases have made the direction of global economy less certain and gold options indicate that investors may be hedging against a combination of more aggressive rate cuts and US election uncertainty.