The (Brent) price soars high in its last intraday trading, taking advantage of forming a positive divergence on the (RSI), with the emergence of the positive signals from there, and the price gad previously benefited from the stability of the key support at $65.00, gaining positive momentum that intensified these signals, in attempt to recover some of the previous losses on the short-term basis, with the continuation of the negative pressure that comes from its trading below EMA50, decreasing the chances for the recovery.
VIP Trading Signals Performance by BestTradingSignal.com (September 1–5, 2025)
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The (Brent) price soars high in its last intraday trading, taking advantage of forming a positive divergence on the (RSI), with the emergence of the positive signals from there, and the price gad previously benefited from the stability of the key support at $65.00, gaining positive momentum that intensified these signals, in attempt to recover some of the previous losses on the short-term basis, with the continuation of the negative pressure that comes from its trading below EMA50, decreasing the chances for the recovery.
VIP Trading Signals Performance by BestTradingSignal.com (September 1–5, 2025)
Get high-accuracy trading signals delivered directly to your Telegram. Subscribe to specialized packages tailored for the world’s top markets:
Full VIP signals performance report for September 1–5, 2025:
Gold price drifts higher to around $3,590 in Monday’s early Asian session.
Weak jobs data have fueled Fed rate cut bets.
The Chinese central bank bought gold in August for the 10th consecutive month.
The Gold price (XAU/USD) extends the rally to near $3,590 during the early Asian session on Monday. The precious metal edges higher near an all-time high as soft US jobs data further cemented expectations for a US Federal Reserve (Fed) rate cut later this month.
The US Nonfarm Payrolls (NFP) report on Friday showed a slowdown in hiring in August, while the Unemployment Rate rose to the highest level since 2021, confirming that labor market conditions in the world’s biggest economy are slumping. These reports boost Fed rate cut expectations, which provides some support to the precious metal price, as lower interest rates could reduce the opportunity cost of holding Gold.
Following the data, traders are now almost certain that the Fed will lower rates at its upcoming meeting on September 17, with an 84% chance of it being a 25 basis points (bps) cut and a 16% possibility of a more aggressive 50 bps reduction.
Additionally, rising demand from major central banks contributes to the upside. Official data showed on Sunday that the People’s Bank of China (PBoC) added gold to its reserves in August, extending purchases of bullion into a 10th straight month. China’s gold reserves stood at 74.02 million fine troy ounces at the end of August, up from 73.96 million at the end of July.
Traders will take more cues from the US Producer Price Index (PPI) for August, which is due later on Wednesday. If the report shows hotter-than-expected outcomes, this could boost the US Dollar (USD) and weigh on the USD-denominated commodity price.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
While tariffs and mining challenges dominate international copper headlines, the U.S. faces domestic supply pressures from theft. In California, Assembly Bill 476 was introduced to curb rampant copper wire thefts that have blacked out public infrastructure across Los Angeles. The bill, which passed committee by an 18-0 vote, would enforce stricter licensing for copper sellers, mandate reporting by recyclers, and revise penalties to reflect the full cost of damages. For utilities already squeezed by high copper prices, this legislation could provide a safeguard against mounting operational losses. The theft issue underscores how copper’s surging value, now flirting with all-time highs, has spilled into social and infrastructure vulnerabilities.
Strategic and Market Outlook
The convergence of a 50% U.S. tariff baseline, production disruptions in Chile, institutional repositioning in Brazil, and rising domestic theft in the U.S. has created a rare cocktail of volatility for HG=F copper futures. The divergence between COMEX at $13,000 per ton and LME prices under $10,000 shows just how fractured global copper pricing has become under tariff pressure. Investors must weigh whether these conditions justify further upside, or if the arbitrage window signals a corrective phase ahead. With Ero Copper beating on profits but facing selling from one of its largest institutional holders, and Capstone Copper balancing short-term operational strain against long-term project optimism, the equity side of the copper trade offers selective opportunity but rising risk.
Given the policy backdrop, copper’s outlook leans bullish in pricing but fragile in fundamentals. The tariff regime is poised to elevate costs across supply chains, but also incentivizes domestic investment. For investors in miners like FCX, ERO, and CS, the key question is whether operational execution can match market enthusiasm. At current levels, copper equities demand close scrutiny, with valuations likely to stretch further if tariffs translate into sustained price floors above $11,000 per ton on COMEX.
WTI and Brent Under Pressure as OPEC+ Shifts Strategy
The crude market has entered September with a decisive downturn. WTI (CL=F) slid to $61.87 per barrel, down 2.54%, while Brent (BZ=F) closed at $65.50, losing 2.22%. These levels mark a 12% decline year-to-date and bring both benchmarks dangerously close to technical thresholds that traders see as pivotal for the next major move. The catalyst this time is OPEC+, with Saudi Arabia and its V8 allies signaling additional production increases of 137,000 barrels per day starting next month, potentially lifting supply by as much as 1.65 million bpd over the coming quarters. The decision was unexpected; only a week ago, analysts projected output stability. Instead, OPEC+ is pursuing market share even at the expense of price stability.
OPEC+ Output Increase Raises Downside Risk
The message from Riyadh and Moscow is clear: short-term revenues are being sacrificed to weaken competitors and capture demand. Russia, facing heavy sanctions and tariffs from the U.S., has little choice but to monetize volumes even at discounted prices, while Saudi Arabia can lean on its low-cost production to endure prices closer to $60. This aggressive positioning has already pushed traders to reprice Brent toward $65 support. Should it break, technical projections point to a slide toward $60, mirroring the anticipated range outlined by the U.S. Energy Information Administration, which now sees Brent averaging $58 in Q4 2025. For WTI, the likely band is $58–$63, and a breach below $58 would trigger stop-driven selling.
Macroeconomic Weakness Adds to Oil Market Strain
The production story collides with fragile demand data. U.S. labor market figures show nonfarm payrolls grew only 22,000 in August, far below the 75,000 expected, while unemployment jumped to 4.3%, the highest in years. At the same time, continuing claims increased, leaving 7.4 million unemployed—already exceeding job openings at 7.2 million. Oil prices have historically tracked labor data closely because energy demand reflects industrial momentum. With consumer spending dampened by high services inflation—the ISM services price index hit 69.2%—oil traders are forced to price in recession risks alongside oversupply.
Technical Breakdown Suggests More Selling
Charts for both WTI (CL=F) and Brent (BZ=F) reinforce the bearish fundamentals. WTI has broken down from a symmetrical triangle that defined much of 2024 and early 2025, now trending decisively lower through the $61 zone. A break beneath $60 would confirm a longer-term downtrend and could accelerate losses toward $55, where the next support cluster resides. Brent’s structure is equally weak, trading consistently under the 50-day SMA with long upper shadows rejecting every test above $69.50. Momentum indicators, including RSI below 50, point to sustained selling pressure. Without a bullish reversal candle, such as a bullish engulfing or three white soldiers pattern, rallies will be sold into.
Geopolitics and Tariffs Shape Demand Outlook
President Trump’s trade policy has added another layer of volatility. Tariffs on India for Russian crude purchases put additional pressure on Asian importers to diversify away from Moscow, but it also raises landed costs at a time when consumption is slowing. European buyers remain divided, with Hungary and Slovakia still sourcing Russian oil, limiting the effect of U.S. sanctions. Meanwhile, Ukraine’s drone strikes on Russian refineries show that supply disruptions can flare unpredictably, but so far the net effect has been outweighed by OPEC+ production increases. China and India continue to secure cheap barrels, reducing the urgency to buy at higher global benchmarks, capping Brent’s upside.
Kolibri Energy Stands Out Amid Weak Pricing
The collapse in crude benchmarks is not uniform in its impact. Kolibri Global Energy (NASDAQ:KGEI) is demonstrating resilience even as market prices fall. The company reported Q2 2025 production of 3,220 boepd, up 3% year-over-year despite temporary shutdowns, and is guiding for a 24–32% surge in output during H2 2025 as nine new wells come online. Even with realized prices of just $47.06 per barrel, well below the WTI average of $63.63, Kolibri’s adjusted EBITDA reached $7.68 million for the quarter. Operating costs fell to $7.15/boe, down 16% from the prior year, showing scale efficiencies at work. At current forward production rates, EBITDA could hit $20 million in H2, giving Kolibri a forward EV/EBITDA multiple of 5.44, more attractive than the industry median of 5.99. Insider confidence is notable, with buybacks executed at $6.42 per share, well above the current $5.23 market price, signaling management’s belief in undervaluation.
Financial Stress and Fed’s Dilemma
Falling oil has macro feedback loops as well. Lower energy prices relieve some inflation pressure, giving the Federal Reserve room to cut rates. Futures now assign an 89% probability of a September cut, with some traders betting on 50 basis points. Yet financial cracks are emerging: Fed reserves have dropped below $3.2 trillion, credit conditions are tightening, and the Chicago Fed’s financial conditions index is signaling stress. Oil’s collapse is both a symptom and a trigger of these fragilities. If crude breaks $60 decisively, it may deepen the case for Fed easing, but also highlight global deflationary risks.
Buy, Sell, or Hold Verdict
The oil market has shifted from balance to oversupply narrative within weeks. WTI (CL=F) at $61.87 and Brent (BZ=F) at $65.50 are vulnerable to another 5–10% decline if OPEC+ barrels materialize and U.S. economic weakness persists. Technicals, fundamentals, and macro all point to bearish continuation. That makes crude a Sell at these levels until there is evidence of production restraint or demand recovery. For equities exposed to crude, integrated majors remain at risk, but niche producers like KGEI offer relative protection with efficient cost structures and insider conviction. The broader energy complex, however, will remain under pressure unless Brent stabilizes above $65 and WTI reclaims the $63–$65 zone.
Natural Gas (NG=F) Price Anchored at $3.07 as Storage, Weather, and European Inventories Shape Outlook
The natural gas market sits at a precarious juncture with Henry Hub benchmarks climbing to $3.07 per MMBtu, up 18 cents on the week, while futures on the NYMEX closed marginally lower at $3.542 per MMBtu after a volatile session. The U.S. Energy Information Administration reported an injection of 46 Bcf into storage, bringing inventories to 3,052 Bcf, a level 178 Bcf above the five-year average but 156 Bcf below last year. This duality—ample storage relative to seasonal norms but lagging year-over-year—underscores why traders remain cautious ahead of peak heating demand in Q4. Analysts argue that persistent heat across key U.S. consuming regions should slow the pace of injections, setting up tighter balances into winter.
European Inventories at Risk as Supply Constraints Intensify
Across the Atlantic, the natural gas story is starkly different. European storage sits at the lowest level since 2021, with inventories 16% below last year. This deficit stems not only from reduced imports but also weaker renewable generation, echoing the dynamics of the 2021–2022 crisis. Europe now relies on Norway and the U.S. for roughly half its imports after cutting Russian flows, but Norwegian gas output is forecast to shrink by 12% by 2030. U.S. output, meanwhile, is expected to plateau through 2026 according to EIA forecasts. These constraints elevate the risk that a cold winter or another renewable generation shortfall could trigger a repeat of the 2022-style price surge, forcing Europe to bid up LNG cargoes in competition with Asia.
NG=F Technicals: Resistance, Support, and Speculative Positioning
Technically, NG=F is trading in a fragile upward channel. Immediate support sits at $3.00, with stronger downside risk if prices close below $2.84, the 50-period EMA. Resistance is clustered at $3.20–$3.25, where repeated failures since early August have capped rallies. Futures open interest has contracted sharply, falling from $10.94 billion in late July to $7.4 billion, highlighting declining retail participation. However, funding rates remain positive at 0.0083%, signaling leveraged long bets persist. This divergence suggests natural gas is vulnerable to sharp swings—an OI contraction limiting bullish momentum, but a positive funding structure leaving the door open to upside spikes.
Equinor (NYSE:EQNR) and European Exposure to Gas Volatility
Equinor, Europe’s largest natural gas provider, is uniquely positioned in this environment. First-half 2025 net income slipped 13% to $3.95 billion, mirroring oil price declines, but upstream output leaned increasingly toward gas. Equinor maintains a forward P/E of just 8, well below peers like Chevron at 20, and has committed to $5 billion in share buybacks—about 8% of its $63 billion market cap. With dividends significantly above industry averages, Equinor’s equity serves as a leveraged play on any European gas crisis. If inventories tighten further, EQNR’s stock could mirror the 2021–2022 doubling in share price, while buybacks mitigate downside. Yet, exposure to renewables remains a drag: losses of $72 million in Q2 from offshore wind reflect the cost pressures tied to diversifying away from hydrocarbons.
Natural Gas Services Group (NYSE:NGS) Insider Activity and Buyback Plans
On the U.S. side, midstream and service companies provide another angle. Natural Gas Services Group (NYSE:NGS) recently announced a $6 million buyback program after reporting Q2 EPS of $0.41, beating estimates by $0.09 on revenue of $41.38 million. Net margins of 10.92% and ROE of 7.21% confirm operational strength in a volatile environment. Institutional ownership stands at 65.62%, with hedge funds like Rice Hall James and Associates boosting stakes. Insider transactions add intrigue: Director Jean K. Holley purchased 3,752 shares at $26.58—a 92.69% increase in personal holdings—while Director Stephen Taylor sold 10,000 shares at $27.00, reducing his stake to 403,334 shares. This mixed insider flow reflects both board confidence in undervaluation and some profit-taking after a run toward $29.74, the 12-month high. With shares currently at $27.11, analysts maintain a consensus buy rating and a $32.50 price target.
Macro Backdrop: U.S. Exports, Demand Destruction, and Weather Risks
U.S. exports remain a critical balancing force, with LNG flows increasingly tied to Europe’s shortfall. Yet, domestic demand destruction is evident. Industrial and residential consumption has been suppressed by higher prices, with households reducing winter heating and summer cooling. This dynamic puts a ceiling on how high prices can sustainably move without provoking another wave of demand erosion. Meanwhile, weather models remain the largest unknown. A repeat of the weak renewable output that crippled Europe in 2024 could send NG=F above $5.00 per MMBtu, while a mild winter would keep balances comfortable around $3.00–$3.25.
Verdict: Natural Gas Outlook – NG=F Buy, Hold, or Sell?
With NG=F at $3.07, European inventories at risk, and U.S. storage only modestly above seasonal averages, the setup leans bullish into winter. Technical charts highlight resistance at $3.25 and then $3.50, while institutional accumulation of gas-focused equities like EQNR and NGS confirms positioning for upside. Insider buying in NGS and Equinor’s aggressive buybacks strengthen that thesis. However, falling open interest warns that speculative appetite is thinning, and any mild weather shock could unwind gains rapidly. On balance, natural gas remains a buy into Q4 volatility, with tactical stops placed below $2.80 to hedge against an inventory-driven downturn.
Regional Disruptions and Domestic Policy Add Complexity
Ukraine’s drone attacks on Russian refineries, Iran’s rejection of GCC claims over disputed fields, and Iraq-Turkey pipeline tensions underscore the fragility of Middle Eastern and Eurasian supply chains. In North America, Saskatchewan is grappling with budget shortfalls due to overestimating oil prices at $71 per barrel, when the market is actually closer to $61. That $10 gap has left the province exposed to a potential $180 million shortfall, underlining how government revenues remain hostage to volatile energy markets.
Technical Levels for WTI and Brent Signal Bearish Bias
On the charts, CL=F WTI crude faces resistance near the 200-day moving average, with upside capped until prices reclaim the $63.50–$64.00 zone. Immediate support lies near $60, with a breakdown below that level risking a move toward $58. BZ=F Brent crude is locked under $66.00 resistance, with sellers pressing toward $64.00. Analysts warn that without a fresh bullish catalyst such as an unexpected supply disruption or stronger demand rebound, oil prices could remain under pressure into mid-September.
Investor Outlook: Bearish Tilt Until Fundamentals Shift
With U.S. production holding at 13.2 million barrels per day and OPEC+ considering additional output, the balance of risk remains tilted lower. The demand side is hampered by weak U.S. job growth, slowing European economies, and uncertain Chinese industrial demand. Unless geopolitical shocks remove barrels from the market, both WTI (CL=F) and Brent (BZ=F) look vulnerable to further losses. Traders are eyeing the OPEC+ meeting closely, as any decision to push more supply could accelerate the move toward sub-$60 levels for WTI.
Gold (XAU/USD) is trading at unprecedented levels, with spot prices holding near $3,586 per ounce and futures climbing above $3,650, as a combination of weak U.S. data, dovish Federal Reserve expectations, and sustained central bank demand intensify the momentum. The rally has already delivered a 36% gain year-to-date, and in just the first week of September, gold added another 4%, setting the stage for a potential test of $4,000 before year-end.
Record Surge Fueled by Weak U.S. Labor Data and Fed Bets
The August Nonfarm Payrolls data shocked markets with only 22,000 jobs added versus expectations of 75,000, alongside a rise in unemployment to 4.3%, the highest since 2021. Jobless claims also ticked up to 237,000. This softening in the labor market sent Treasury yields tumbling and the U.S. Dollar Index down to 97.70, pushing gold sharply higher as investors positioned for a 25-basis point rate cut on September 17, with rising speculation of a 50-basis point move. The CME FedWatch tool now prices a 99.4% probability of easing at the next FOMC meeting.
Technical Drivers Keep Bulls in Control
The chart structure reinforces bullish conviction. On the daily timeframe, gold rebounded strongly from the 100-week SMA, while the 20-month SMA underpins long-term support. Spot gold has repeatedly defended the $3,500 level, transforming it into a new base of support. Futures prices confirm the bullish outlook, closing at $3,653.30 per ounce, just off record highs. Analysts now see a clear path toward $3,800 in Q4, with the $4,000 threshold possible if dovish central bank policy aligns with strong seasonal demand.
Demand Trends: ETFs, Central Banks, and Asia’s Pause
While futures and ETFs are driving speculative flows, physical demand in Asia shows hesitation. Buyers in India and China have pulled back above $3,550, signaling some sticker shock at these record levels. Yet, global ETFs saw $5.5 billion in inflows in August, reinforcing institutional appetite. Central banks remain active, with purchases exceeding 1,000 tons in 2024 and another large wave expected this year. China’s upcoming reserve update could further validate the official-sector accumulation trend.
Domestic Markets in India and UAE Reflect Global Rally
In India, 24-carat gold has surged to ₹108,490 per 10 grams, while 22-carat trades near ₹99,450 per 10 grams. On the MCX, October futures settled at ₹107,740 per 10 grams, marking another record close. Festive season demand from Navratri to Diwali is expected to amplify local consumption and keep premiums high. In the UAE, 22K gold stands at Dh400 per gram, the highest in history, with spot prices at $3,586 per ounce, underscoring the squeeze on consumers but also reaffirming gold’s role as a long-term store of value.
Key Events to Watch: Inflation Data and ECB Meeting
The next drivers will be U.S. inflation reports. The PPI and CPI prints could either confirm disinflation trends or reignite fears of sticky price pressures. Core CPI, particularly shelter and services, remains crucial for Fed policy. Meanwhile, the European Central Bank faces its own dilemma of slowing growth against persistent inflation. Any dovish tilt could reinforce global liquidity conditions favorable for gold. The University of Michigan sentiment and inflation expectations survey will also be closely monitored for shifts in household outlook, potentially adding volatility.
Profit-Taking Risks Amid Overbought Levels
Despite the bullish backdrop, analysts caution about potential near-term profit-taking. On the Comex, December gold hit $3,655.50 per ounce before easing slightly, reflecting resistance at new peaks. Technical indicators place gold in an overbought zone, raising the probability of corrective pullbacks toward $3,500–$3,520. However, market consensus suggests that dips will be used as buying opportunities given geopolitical tensions, Fed easing bets, and festive demand.
Macro, Geopolitical, and Seasonal Tailwinds
Gold’s rally is underpinned not only by central bank policy but also by global geopolitical risks. Trade frictions between the U.S. and major economies, ongoing conflicts, and political instability are reinforcing safe-haven flows. Seasonal drivers, particularly strong Indian demand in Q4, add another layer of support. With ETFs, central banks, and retail buyers aligned, the yellow metal is positioned for sustained strength into the final months of 2025.
The (ETHUSD) price declined in its last intraday levels, amid the dominance of the bearish corrective trend on the short-term basis and its trading alongside supportive bias line for this track, accompanied by the continuation of the negative pressure that comes from its trading below EMA50, intensifying the negative pressure on the price, to approach from the key support at $4,250, preparing to break it. On the other hand, we notice the emergence of positive signals on the (RSI), after reaching oversold levels, which might reduce the upcoming losses.
VIP Trading Signals Performance by BestTradingSignal.com (August 25–29, 2025)
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Gold (XAU/USD) Price Surges Beyond $3,600 on Weak Jobs Data and Fed Cut Bets
XAU/USD Hits Fresh All-Time Highs
Gold (XAU/USD) spiked to $3,600.21 per ounce, securing its strongest weekly gain in nearly four months. The August U.S. nonfarm payrolls report showed just 22,000 jobs created versus 75,000 expected, while unemployment rose to 4.3%. That shock data sent Treasury yields tumbling, with the 10-year falling to 4.07% and the 2-year sliding to 3.50%, opening the door for a September Fed rate cut. Gold, which thrives in low-yield environments, reacted instantly, rallying over $30 in a matter of hours and pushing through its $3,585 resistance zone.
Fed Policy Shifts Fuel Gold Demand
Markets are now pricing a 90% chance of a 25-basis-point rate cut at the Fed’s September 17 meeting, with a 10% probability of a 50-basis-point move. Political interference is adding fuel, as President Trump continues his attacks on Fed Chair Jerome Powell and attempts to shake up the central bank. Goldman Sachs analysts warned that any loss of Fed independence could drive investors away from Treasuries and into gold, with their models pointing to prices as high as $5,000 per ounce if even 1% of the Treasury market rotated into bullion.
Central Banks and Asian Buyers in Focus
While futures markets pushed aggressively higher, physical demand in Asia has cooled. Buyers in India and China hesitated as gold crossed above $3,550, reflecting sticker shock at record levels. However, central banks remain active participants. China’s reserve update this week could provide clarity on whether official demand remains supportive. Globally, central banks accumulated more than 1,000 tonnes of gold in 2024, and expectations are for another year of heavy buying given ongoing currency and inflation risks.
Gold ETFs vs. Bitcoin ETFs – The Safe Haven Debate
The surge in gold comes as Bitcoin ETFs also draw record inflows, intensifying the narrative of “digital gold” challenging the traditional safe-haven. Spot Bitcoin ETFs now hold roughly $150 billion in assets under management, compared with $180 billion for gold ETFs, despite launching less than two years ago. That narrowing gap underscores the competition for capital between XAU/USD and BTC-USD. Analysts stress, however, that gold remains unmatched as a politically neutral and time-tested store of value, particularly when the Federal Reserve’s independence is in question.
Technical Landscape for XAU/USD
Technically, gold has broken its consolidation band between $3,500 and $3,560, with $3,600 now the key pivot. Sustained closes above $3,600 open the path to Fibonacci extensions at $3,680 and $3,755. On the downside, support lies at $3,520 and $3,455, with $3,400 serving as the line in the sand for bulls. Momentum indicators remain bullish, with RSI holding above 70 but not yet flashing overbought extremes. Traders are watching inflation data next week to test the durability of this breakout.
Macro Drivers Strengthening the Bullish Case
The weak labor market data comes on top of a deteriorating global growth outlook. Eurozone PMIs are soft, China’s property market slump persists, and U.S. GDP growth projections are being revised lower. These factors, alongside a weaker dollar — with DXY falling 0.48% to 97.76 this week — reinforce demand for gold. Stagflation fears are re-emerging, with Monex USA calling the setup “very serious stagflation,” a textbook environment where XAU/USD outperforms risk assets.
