Today’s markets analysis on behalf of Konstantinos Chrysikos Head of Customer Relationship Management at Kudotrade
Gold continued to trade within a consolidation range near USD 5,180 per ounce as investors weighed macroeconomic signals against persistent geopolitical risks and their impact.
Elevated energy costs, driven by the tensions in the Middle East, are fueling concerns about global inflation, reducing the likelihood of near-term interest rate cuts by major central banks. This dynamic has strengthened the US dollar and pushed Treasury yields higher, weighing on non-yielding assets such as gold.
At the same time, ongoing geopolitical tensions in Eastern Europe, which show little sign of a diplomatic breakthrough, continue to provide support for gold. In addition, sustained central bank purchases also constitute an underlying floor for the precious metal, securing the potential for long-term gains.
Looking ahead, attention turns to the upcoming US PCE inflation report on Friday. While signs of disinflation could support gold, the delayed nature of the data could potentially limit the immediate reaction as markets remain focused on the recent surge in energy prices.
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