Last week highlighted sectoral divergence: services remained resilient while manufacturing struggled in major economies. The US labour market sent mixed signals, Eurozone inflation rose, Japan’s consumer spending weakened, China’s exports increased, and India cut rates. And geopolitical tensions, including those in Russia and Venezuela, showed no signs of easing. Global equity markets delivered a mixed finish; US bond yields climbed; the dollar was steady; and oil prices increased. We published our Gold Outlook 2026 last week, laying out potential macro scenarios and hypothetical implications for gold based on our ... (full story)