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: Using gold to hedge emerging market risk
Over the long run, economic growth is a key driver of gold demand, especially in emerging market countries where there is high affinity for gold as jewellery and investment. At the same time, gold tends to perform well in period of crisis.
The gold market in 2018
In 2017, investors added gold to their portfolios as incomes increased, uncertainty loomed, and gold’s positive price momentum continued. As 2018 begins we explore four key market trends and their implications for gold.
The gold market in 2017
In 2016, investors around the world returned in large numbers to the gold market, as a combination of macroeconomic drivers and pent up demand kept interest in gold high. As we start the new year, there are some concerns that US dollar strength may limit gold’s appeal.
Investment Commentary: 2015 review and 2016 outlook
This latest edition of our Investment Commentary examines gold’s performance in 2015 and explores the factors that may influence gold in 2016.
Market Commentary - July 2015
On Monday 20th July the gold price fell sharply, dropping 4.3% from its Friday closing price. This note explains what happened and counters some misconceptions.
Investment commentary, looking into H2 2015
Despite economic uncertainty in some regions, the gold price declined in the first half of 2015. While puzzling to some investors, this is consistent with market expectations that the risks could be contained.
Investment Commentary: Looking into Q4 2014
This edition of our Investment Commentary examines gold’s performance year-to-date and explores relevant macroeconomic factors that can influence gold’s performance into Q4 2014.
Investment Commentary: First half 2014
Gold is up by 9.2% so far this year. This surprised many market participants as most analysts predicted lower prices. Some investors took advantage of last year’s price correction to buy gold but investment demand has remained tepid. We consider that the current environment of high bond issuance, tight credit spreads and record low volatility continues to offer a prime opportunity for investors to add gold. In our view, gold can reduce overall portfolio risk and it is cheaper to implement than many volatility-based strategies.