Taking The Lid Off Gold Prices

Gold prices have corrected as retail investors rotated into AI and tech stocks, while CTAs shifted to short positions. Despite near-term pressure from strong US macro data, long-term drivers like central bank diversification remain intact.

Key Takeaways

• 1.Gold prices have corrected due to ETF outflows, retail rotation into tech/AI, and CTA selling.
• 2.Central bank demand remains mixed, with some selling for fiscal needs and others, like the PBoC, continuing to accumulate.
• 3.Gold prices are expected to remain rangebound in the short term, with potential for renewed strategic support later in 2026.

Table of Contents

• Taking the lid off gold prices

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