Bond rates and the dollar could start to support the price of gold
On the rate and dollar side, the situation is more complex. Long-term US bond yields have jumped over the past three months, but this momentum could run out of steam. Indeed, high rates are starting to weigh on sensitive sectors such as construction, increasing the risk of an unanticipated economic slowdown. A renewed fear about the economy would influence growth and monetary policy expectations, weakening the dollar and rates, which would benefit the precious metal.
Furthermore, the outlook for gold is also supported by more structural factors. The appetite of central banks, particularly in emerging economies, to strengthen their gold reserves remains a long-term trend, providing a solid basis for demand.
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