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Today’s markets analysis on
Gold slipped toward recent lows on Wednesday as the US dollar and Treasury yields rebounded amid escalating tensions in the Middle East. Ongoing geopolitical risks could continue to drive demand for the dollar, while elevated oil prices reinforce expectations of a restrictive monetary policy environment, weighing on the metal.
Central banks are increasingly expected to maintain a cautious stance in the face of the inflationary impact of elevated energy costs. In the United States, policymakers have signalled growing concern about inflation risks, while markets are gradually pointing to the possibility of an interest rate hike later on. Similar concerns are evident in Europe, where policy tightening is anticipated sooner.
Looking ahead, investors will closely monitor upcoming US labour market data and developments in the Middle East for clues on the future path of monetary policy. Despite current headwinds, ongoing central bank purchases continue to provide an important source of structural demand, helping underpin the longer-term outlook for gold while limiting downside risks.
source: Zaid Barem / ymm
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