Gold’s 2025 top may be in, but early 2026 should see the next leg up – Saxo Bank’s Hansen

From kitco.com

Gold’s rally has entered a cooling phase after two consecutive weekly losses, but while near-term momentum has stalled, the fundamental case for holding gold remains intact, according to Ole Hansen, head of commodity strategy at Saxo Bank. Hansen said that over the past two weeks, the tone “has shifted from exuberance to reflection, with traders reassessing how much of the 2025 narrative—rate cuts, fiscal stress, geopolitical hedging, and central bank demand—has already been priced in.” He noted that India’s festival season typically boosts jewelry demand. “The market has now entered its customary ... (full story)