FXStreet reports that analysts at TD Securities suggest that while rising equities could be translating into less safe-haven demand for the yellow metal, ultimately the monetary impulse should be the primary driver of investment demand.

“The focus will shift towards central banks this week, with the BoJ kicking off the week largely in line with expectations.” 

“We expect the FOMC on Wednesday to hold off on specificity with regard to the open-ended QE, and with the Fed's lending programs just getting started, we suspect the Fed will stick to their dovish tone.” 

“CTAs remain well-positioned to benefit from upside momentum in gold, with little risk of further financial deleveraging considering the clean positioning slate.”