safe-haven demand

Commodities Weekly: Gold and Silver Hit Record Highs While Oil and Gas Face Inventory Pressure

Gold and silver hit another record high this morning, topping the all-time peak set just yesterday

Macron’s Political Resolve Faces Market Test as Foreign Investors Shape French Bond Volatility

Recent headlines from France offer cautious optimism, with markets showing unexpected resilience despite domestic turmoil and broader uncertainties like the US shutdown. In European bonds, recouping the foreign investor shares after QE is not yet complete, although it can be a source of volatility

Gold Nears Record Highs, Copper Faces Capacity Curbs, Oil Ports Resume Exports, and EU Grain Forecasts Rise

Gold and silver prices edged higher yesterday, driven by uncertainty surrounding Russia-Nato relations following recent airspace violations, which has kept the risk premium elevated. Continued inflow into precious metal ETFs has provided further support to the complex

Gold Gains on Fed Dovishness and Safe-Haven Demand Amid Fed Independence Concerns

The recent price actions of Gold (XAU/USD) have started to trade firmer since last Friday, 22 August, with a gain of 1%, on increased hopes that the US Federal Reserve is likely to enact its first interest rate cut of 2025 in the next month's FOMC meeting.

Gold Holds Steady as Russia-Ukraine Peace Talks and Fed Outlook Drive Market Focus

Gold prices have rallied from an overnight low around the $3323/oz handle to a high of $3360/oz before settling around the $3350/oz mark.The precious metal looks set to continue its choppy price action at the start of a busy week.

The recovery in Gold from the overnight low could in part be down to lower US Treasury Yields with the benchmark 10Y US Treasury yield falling from its recent highs.

Gold Surge Continues Amid Rising Economic and Geopolitical Fears; Target USD 3,200/oz

• Gold prices rallied just shy of 10% in March, surpassing USD 3,100/oz to extend the year-to-date gains to 19% (after rising 27% in 2024).

• A surge in investment demand is behind the latest moves, with comments by US President Donald Trump and Elon Musk, as well as weak US consumer survey data, amplifying market fears as we approach the 2 April tariff announcements. The acceleration of ETF buying marks a sharp reversal from the outflows of this time last year. 

USD: Deepening Equity Market Sell-Off Could Trigger Pick-Up in FX Volatility

The major FX rates have remained relatively stable at the start of this week in contrast to the deepening sell-off in the equity markets. One of the biggest movers yesterday was the Nasdaq composite index which fell sharply by 4.0% and extended its decline since the high in December to almost 14%.

GBPCHF Outlook. Strong Carry Appeal Amidst Risk-Driven Shifts and Trade Uncertainty

• Following the January dip, the GBPCHF has been testing the upper bound of its trading range over the last six months. We expect the currency pair to stay largely range bound in the coming months.