Weekly Markets Monitor

Gold prices extended their decline for a fifth week to US$4,072/oz amid ETF outflows and a strengthening dollar. Market attention remains focused on inflationary pressures and central bank policy paths despite easing geopolitical tensions.

Key Takeaways

• 1.Gold prices fell for the fifth consecutive week, closing at US$4,072/oz, driven by a stronger dollar and significant global gold ETF outflows.
• 2.Global inflation surprises turned positive in May for the first time since 2023, while geopolitical tensions in the Strait of Hormuz eased.
• 3.Technical analysis suggests Gold's downside momentum is easing near the 38.2% Fibonacci retracement level of US$3,857/oz.

Table of Contents

• Highlights
• C.O.T.W: Nasty surprises
• All about Gold
• The week in review
• The week ahead
• Market movement across global trading sessions
• Bloomberg consensus expectations
• Things to look out for...
• Gold technicals
• Market performance and positioning
• Key Resources
• Gold Return Attribution Model (GRAM)
• Last week's ECO data
• Recap of the week
• Gold Drivers
• The Gold/Silver ratio has broken higher from its range of the past few months
• Key Technical data
• COMEX positioning (tonnes)
• Weekly COMEX futures positioning data
• Weekly ETF Flows
• Year-to-date ETF Flows
• Gold market trading volumes
• Options market summary
• Gold options volatility overview
• Gold options delta skew
• ETF Options: OI notional by strike
• Future Options: OI notional by strike
• Technical Analysis Glossary
• Important information and disclosures

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