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Gold Monthly: Fundamentals remain strong
Gold surged to a record in October above $4,300/oz, as retail investors piled in, but prices have since retreated below $4,000/oz amid profit-taking, improved risk sentiment, and uncertainty over investor positioning amid the ongoing US government shutdown. The pullback in prices was accompanied by withdrawals from gold-backed exchange-traded funds. Despite the recent pullback in prices, we remain positive on our gold outlook, with macro tailwinds and fundamentals pointing to further upside in 2026. chart Even after the recent weakness, gold prices are still up by more than 50% year-to-date. Key supports, including ... (full story)
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