The pause in gold’s rally after last week’s Fed meeting proved exceptionally brief. Prices surged in recent days, breaking above $3,780 per ounce, with today’s trading consolidating between $3,760 and $3,780. Since the start of the year, gold has gained an impressive 43%. While official commentary signals expectations for further Fed rate cuts, Fed Funds Futures remain stable, still pricing in less than 50 basis points of easing by year-end, in line with FOMC projections. This suggests that gold’s rally is not driven solely by monetary policy. The crucial factor lies in massive inflows into gold-backed ETFs. On ... (full story)