It is a snoozefest in gold markets. Strategists at TD Securities expect this regime to continue for the time being.

Hawkish Fed regime clashes with recession fears 

“The yellow metal is being pulled in two directions as a hawkish Fed regime clashes with recession fears. After all, a Fed hiking cycle tends to be associated with rising recession risks.”

“This hiking cycle differs from recent historical analogs as the Fed's ability to control inflation is limited, given that the supply-side is disrupted. In turn, gold bugs sniffing out a potential stagflationary outcome associated with lower growth but lingering inflation should consider that central banks, facing a credibility crisis, could also continue to raise rates for longer than they otherwise would.”

“Gold trading will likely remain a snoozefest while bears wait for a catalyst to shake-out this complacent length.”