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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Investment Update: Gold prices swing as markets sell off
We believe that the recent volatility in the gold price was driven by massive liquidations across all assets and likely magnified by leveraged positions and rule-based trading.
Gold Outlook 2020
As we look ahead, we expect that the interplay between market risk and economic growth will drive gold demand in 2020
Investment Update: It may be time to replace bonds with gold
Re-optimising portfolio structures for lower future expected bond returns suggests investors should consider an additional 1%-1.5% gold exposure in diversified portfolios.
Gold mid-year outlook 2019: Heightened risk meets easy money
The first half of 2019 proved quite eventful for financial markets. Stocks retraced their Q4 2018 losses by the end of April only to pullback again in May.
Investment Update: The impact of monetary policy on gold
The upcoming Fed meeting could provide clarity into the intermediate-term price behavior of gold. As uncertainty becomes more prevalent in the future behavior of the Federal Reserve, we examine whether there is any correlation with monetary policy uncertainty/behavior and gold prices.
Investment Update: Cryptocurrencies are not a safe-haven
In Q4 2018, as global stock markets experienced their worst quarter since 2009, cryptocurrencies had a prime opportunity to demonstrate qualities associated with safe havens like gold. However, cryptocurrencies, such as bitcoin, behaved like risky assets and fell while gold rallied.
Outlook 2019: Economic trends and their impact on gold
As we look ahead, we expect that the interplay between market risk and economic growth in 2019 will drive gold demand. And we explore key trends that will influence its price performance.
Investment Update: IMF report highlights gold's relevance
The IMF Global Financial Stability report, released on 10 October, highlighted an increase in the level of risk among multiple global metrics. Following its publication, stocks in the US, Europe and Asia lost 4%, 3% and 4% respectively over three days.