Post by Lombard Odier Group

After more than doubling over the past year, gold prices have consolidated. In our base case, this reflects short-term headwinds, including higher real yields, a stronger US dollar, and elevated energy prices, rather than a change in the medium-term case. Structural support remains intact, underpinned by resilient central bank and private investor demand, persistent fiscal uncertainty, and gold’s role as a portfolio diversifier. As these slower-moving drivers reassert themselves, we remain constructive on gold. We therefore maintain our overweight allocation and our 12-month price target of USD 5,400 per ounce. #economicoutlooks #investmentinsights #rethinkeverything #lombardodier