Goldhub Research Investment Commentary Latest issue Investment Commentary Read the latest report Gold Mid-year Outlook 2023: Between a soft and a hard place Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets. 6 July, 2023 Gold Market Commentary: Fire doused, smoke remains Gold fell 0.9% in May as an unwinding of net long futures offset global gold ETF inflows. But the small drop was largely currency-driven as outside North America, gold saw gains. A debt-ceiling deal was reached in the 11th hour in the US which, coupled with good economic data, might remove some short-term support for gold. However, the saga has implications that may help gold over the next few months, and an economic slowdown has likely not been averted. 7 June, 2023 Gold Market Commentary: Gold rally takes a breather in April Gold in US$/oz returned just 0.1% in April, consolidating after a strong run up during Q1. Support for gold came from lower rates and positive ETF flows while lower inflation expectations and profit taking created a drag. 10 May, 2023 Gold Market Commentary: Gold Gears up for Brewing Crisis Cracks from unprecedented rate hikes are beginning to show, with US small banks and real estate sectors at the epicentre. Gold’s case just got stronger. 6 April, 2023 The relevance of gold for Australian investors in 2023 Gold, in Australian dollars (AUD), delivered positive returns in 2022 and so far in 2023. And it has attracted attention: while global central banks bought a record level of gold in 2022, Australia’s sovereign wealth fund also added gold to its portfolio. 9 March, 2023 Gold Market Commentary: Gold winded in February by strong US data Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher. Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data. 7 March, 2023 Gold Market Commentary A falling US dollar was a significant contributor to gold’s 6.1% return in January and another positive ‘unexplained’ factor could be continued central bank buying or expectations thereof. Gold futures have also helped support the rally and, looking forward, we expect North American gold ETFs to continue seeing positive demand in coming weeks as historical analysis shows that positioning in futures tends to lead ETFs flows by two weeks. 9 February, 2023 Gold Market Commentary Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar. 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence. 9 January, 2023 Prev Page 10 of 67 Next Latest research Looking for insight and analysis on gold? Our team of experts produce market-leading research and macroeconomic commentary on gold.
Gold Mid-year Outlook 2023: Between a soft and a hard place Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets. 6 July, 2023
Gold Market Commentary: Fire doused, smoke remains Gold fell 0.9% in May as an unwinding of net long futures offset global gold ETF inflows. But the small drop was largely currency-driven as outside North America, gold saw gains. A debt-ceiling deal was reached in the 11th hour in the US which, coupled with good economic data, might remove some short-term support for gold. However, the saga has implications that may help gold over the next few months, and an economic slowdown has likely not been averted. 7 June, 2023
Gold Market Commentary: Gold rally takes a breather in April Gold in US$/oz returned just 0.1% in April, consolidating after a strong run up during Q1. Support for gold came from lower rates and positive ETF flows while lower inflation expectations and profit taking created a drag. 10 May, 2023
Gold Market Commentary: Gold Gears up for Brewing Crisis Cracks from unprecedented rate hikes are beginning to show, with US small banks and real estate sectors at the epicentre. Gold’s case just got stronger. 6 April, 2023
The relevance of gold for Australian investors in 2023 Gold, in Australian dollars (AUD), delivered positive returns in 2022 and so far in 2023. And it has attracted attention: while global central banks bought a record level of gold in 2022, Australia’s sovereign wealth fund also added gold to its portfolio. 9 March, 2023
Gold Market Commentary: Gold winded in February by strong US data Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher. Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data. 7 March, 2023
Gold Market Commentary A falling US dollar was a significant contributor to gold’s 6.1% return in January and another positive ‘unexplained’ factor could be continued central bank buying or expectations thereof. Gold futures have also helped support the rally and, looking forward, we expect North American gold ETFs to continue seeing positive demand in coming weeks as historical analysis shows that positioning in futures tends to lead ETFs flows by two weeks. 9 February, 2023
Gold Market Commentary Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar. 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence. 9 January, 2023
Gold Mid-year Outlook 2023: Between a soft and a hard place
Developed market central banks are nearing the end of their tightening cycles.1 For now, market consensus points to a mild contraction in the US in late 2023 and slow growth in developed markets.
Gold Market Commentary: Fire doused, smoke remains
Gold fell 0.9% in May as an unwinding of net long futures offset global gold ETF inflows. But the small drop was largely currency-driven as outside North America, gold saw gains. A debt-ceiling deal was reached in the 11th hour in the US which, coupled with good economic data, might remove some short-term support for gold. However, the saga has implications that may help gold over the next few months, and an economic slowdown has likely not been averted.
Gold Market Commentary: Gold rally takes a breather in April
Gold in US$/oz returned just 0.1% in April, consolidating after a strong run up during Q1. Support for gold came from lower rates and positive ETF flows while lower inflation expectations and profit taking created a drag.
Gold Market Commentary: Gold Gears up for Brewing Crisis
Cracks from unprecedented rate hikes are beginning to show, with US small banks and real estate sectors at the epicentre. Gold’s case just got stronger.
The relevance of gold for Australian investors in 2023
Gold, in Australian dollars (AUD), delivered positive returns in 2022 and so far in 2023. And it has attracted attention: while global central banks bought a record level of gold in 2022, Australia’s sovereign wealth fund also added gold to its portfolio.
Gold Market Commentary: Gold winded in February by strong US data
Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher. Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data.
Gold Market Commentary
A falling US dollar was a significant contributor to gold’s 6.1% return in January and another positive ‘unexplained’ factor could be continued central bank buying or expectations thereof. Gold futures have also helped support the rally and, looking forward, we expect North American gold ETFs to continue seeing positive demand in coming weeks as historical analysis shows that positioning in futures tends to lead ETFs flows by two weeks.
Gold Market Commentary
Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar. 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence.