Today’s markets analysis on
Gold prices remained near their multi-month low and could remain under pressure amid a strong dollar. However, a slight retreat in global bond yields provided some support. The precious metal remains on track to post a fourth consecutive monthly decline as market participants continue to anticipate a more restrictive monetary policy stance from the world’s major central banks as they seek to contain persistent inflationary pressures.
Gold ETFs recorded persistent outflows in recent weeks, leaving the metal exposed to downside risks. The outflows accelerated last week after a slight reversal the week before. The continuation of such a trend could drive the metal to lower levels.
Looking ahead, market participants will focus on policymakers’ comments during the ECB Forum in Sintra for clues on the future path of monetary policy. Any indication that officials remain concerned about inflation and favour a restrictive stance could support bond yields and weigh further on gold.
At the same time, developments in the Middle East will attract attention as uncertainty over the talks between the United States and Iran is likely to influence both energy market expectations and the broader inflation outlook. Economic data releases this week could also add to market volatility in the coming days.
Zaid Barem/ ymm
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