Gold declined yesterday as the global rout in technology stocks, sparked by the Chinese AI startup DeepSeek's breakout success, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Gold is up more than 4% so far this year

“In precious metals, Gold also declined yesterday as the global rout in technology stocks, sparked by the Chinese AI startup DeepSeek's breakout success, prompted traders to cover margins.”

“Still, Gold is up more than 4% so far this year and we believe trade frictions and geopolitical concerns will push it to another record high this year.”