Weekly Markets Monitor: Gold claims US$3,000/oz

Highlights

• Last week was peppered with global central bank meetings, with four out of five opting to keep rates unchanged, citing growing economic and political uncertainty. The US Fed has penciled in two rate cuts this year while the BoJ has indicated further hikes.
• Global equity markets closed mostly higher. US stocks finally rebounded following weeks of declines and Europe equities also gained. Indian equities rose as investors bought dips while Chinese stock dropped. The 10-year US Treasury yields fell and the dollar rose as investors assessed the Fed’s future rate path and trade policy uncertainty.
• Gold finally closed above the US$3,000/oz threshold. It has so far rejected technical resistance at $3,040/3,050/oz and the market is seen as highly overstretched, with a possible (healthy) pause in the core uptrend on the cards.
• After the Fed’s decision to slow their QT pace, markets have been adjusting their expectations. On Wall Street, while some institutions see the end arriving in Q3 2025, others forecast some time in 2026. And the Polymarket betters are much more aggressive as the crypto-based platform shows a 100% possibility of QT ending by this May.