The Fed, ECB, Bank of England, and BoJ all held rates steady last week, even as conflicting Middle East war headlines and sticky inflation clouded the outlook. Strong US corporate earnings and a surge in China's industrial profits were a bright spot amid the uncertainty. Global equities closed the week mixed, while bond yields rose, oil prices firmed, and the dollar edged lower. Global gold demand, including OTC investment, rose 2% y/y to 1,231t in Q1 – their total value jumped 74% y/y to a record high of US$193bn. Strong investment offset weak fabrication, a feature of gold’s demand stability. Despite sales in the ... (full story)