Gold extends decline as rate-cut bets fade. While this development is likely to extend the current phase of range-bound Gold prices, with short-term moves tied to data potentially influencing Fed decision-making, we believe downside to the price will be limited by robust support from the other two channels, namely, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort .  

Gold is our most bullish call this year. Bullion is set to hit record levels on a trifecta of Fed cuts, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort.