Dow, S&P 500 now modestly green; Nasdaq down ~0.1%
Staples lead S&P sector gainers; Cons Disc, Energy red
Euro STOXX 600 index up ~0.5%
Dollar, bitcoin dip; crude down ~2.5%; gold rises >1%
US 10-Year Treasury yield slides to ~4.46%
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AFTER MASSIVE RALLY, GOLD MAY BE FACING HEADWINDS
The seemingly unstoppable gold rally may be running into headwinds as many of its key drivers appear to be turning, according ING.
“Gold has sold off this week following the de-escalation in the global trade war. Meanwhile, ETF and central bank gold buying is easing. Is gold losing its momentum?," Ewa Manthey, commodities strategist at the firm asks in a report on Thursday.
The unpredictable trade policies of U.S. President Donald Trump have been the key driver of gold’s price gains so far this year, but the de-escalation in the global trade war is now hurting demand for the yellow metal, Manthey said.
That said, “With trade uncertainty remaining, the downside for gold could be limited. And if trade negotiations turn sour, that will push gold prices higher once again.”
Meanwhile demand for gold from exchange traded funds has been cooling since late April and if outflows continue this could add further headwinds for the precious metal. Strong first quarter ETF inflows were pivotal to gold’s rally.
Gold purchases by central banks have also ebbed, after being a major factor behind the 2024 gold rally. They bought 244 tons of gold in the first quarter, down 33% from the previous quarter.
ING expects gold to consolidate near current levels as trade and geopolitical tensions ease with gold prices averaging $3,250 in the second quarter. It expects an average price of $3,128 ounce for 2025. Gold XAU= traded at $3,204 on Thursday.
(Karen Brettell)
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