Precious metals have struggled to regain their mojo as rising global inflation has already seen the ECB hike rates and now the Fed is expected to follow suit. Gold doesn’t pay interest, meaning the higher interest rates go, the less attractive it becomes, contributing to its recent weakness as central banks pivot to a more hawkish stance. We like the risk/reward at current levels but there are no signs of a swing low at this stage.
- We remain bullish towards gold believing central bank buying will return once a deal is done between the US and Iran.
MM remains bullish towards gold through 2026/7
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