17/08/2026 09:40

Gold Spot (US/oz)

Gold rose 0.8% last week, briefly touching a 10-week high of $4,408 as geopolitical tensions around the Strait of Hormuz and softer US inflation data supported demand. Fading Fed hike expectations, sustained ETF inflows and increasingly bullish hedge-fund positioning provided a tailwind, although the precious metals failure to break decisively through $4,400 suggests near-term momentum may be tiring, even though we think the backdrop is steadily improving.

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06/08/2026 09:28

Gold Spot (US$/oz)

Gold and silver both popped over +4% overnight, their best day since February,  taking precious metals miners along for the ride Barrick (+7.4%) and Newmont (+6.7%). The catalysts for the move was a soft private payrolls report and easing energy cost’s reducing fears of multiple Fed rate hikes into Christmas - note credit markets are still pricing in at least one hike in the remainder of 2026.

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20/07/2026 09:29

Gold (US$/oz)

Gold ETF fund flows have been volatile over the past three years with investor demand surging in early 2025 as speculators started to piggy back central bank buying pushing gold to record highs, and driving record ETF inflows, attracting US$35B, more than during COVID. Gold surged above US$5,500 in January of this year as speculators bought the precious metal without thought to risk but 6-months later golds trading ~30% lower and plenty of speculator have undoubtedly been caught.

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20/07/2026 09:21

Gold ($US/oz)

Gold is struggling under rising inflation concerns as the US-Iran conflict pushed crude oil back toward US$90/barrel keeping US 2-year bond yields firmly above 4%. The inverse correlation between gold and US bond yields is very clear in the chart below and last week’s CPI would normally have added significant support to the precious metal if it hadn’t been for the escalation in hostilities around the Strait.

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20/04/2026 08:46

Gold ($US/oz)

Golds initial plunge this year was due to crowded and complacent positioning and this extreme overbought condition is why the precious metal remains well below its January high. While we believe the washout in gold & silver is largely behind us, they will be driven largely by bond yields in the coming months, i.e. when oil prices retreat gold should rise - not the case this morning with gold down ~US$46 @ $US4784 (8.25am Sydney time).

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09/03/2026 09:31

Gold ($US/oz)

Gold bounced on Friday after the weak US jobs report, but the precious metal has struggled in recent sessions as rising inflation fears and a more hawkish tone in global bond markets outweigh safe-haven demand linked to the Iran conflict.

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05/03/2026 09:22

Gold ($US/oz)

Gold bounced +0.8% overnight but closed well off its highs as sellers into strength reemerged in precious metals. Similarly gold miners in the US opened strongly before surrendering most of their gains to finish marginally higher. A few months oscillating around the $US5,000 area is our preferred scenario for gold, with a strong possibility of a spike down towards the $US4,200-$US4,400 area.

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23/12/2025 09:12

Gold Spot ($US/oz)

Gold has largely followed MM’s roadmap through 2025 and if we are correct this current surge above $US4,400 is a short-term “blow off” before we see some consolidation between $US4000 and $4500 - note we’ve had the chart below in place for months. Gold and silver surged to all-time highs overnight as bets on further Fed rate cuts added momentum to their best annual performance in over 40-years.

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08/09/2025 09:00

Gold Spot ($US/oz)

Gold is enjoying a historic rally, surging above $3,500 an ounce after climbing in eight of the past nine trading sessions. The metal is up almost 40% in 2025, its strongest annual performance since 1978, fuelling massive inflows into gold ETFs, including $11.3 billion into SPDR Gold Shares (GLD) and $6.6 billion into iShares Gold Trust (IAU).

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16/06/2025 09:41

Gold ($US/oz)

As would be expected, gold spiked after Israel conducted airstrikes as its safe haven status came to the fore. The precious metal climbed as much as 1.8% before paring some gains, similar to oil. Israeli Prime Minister Benjamin Netanyahu said the operation would continue until the “threat” was removed, and the conflict and war of words escalated.

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