Inflation is soaring everywhere. Therefore, central banks are hiking rates, pummeling the yellow metal.

Investment demand is bleak

“Inflation remains stubbornly high, so monetary policy is likely to tighten further. US benchmark yields are likely to rise given the hawkish tone from the US Federal Reserve. This is providing support to the currency. These remain headwinds for gold.”

“Gold investment demand has suffered. Physical demand remains strong, with spot premiums rising in Asia. This is offsetting some of the weakness in the investment sector.”

See – Gold Price Forecast: XAU/USD could soar when end to aggressive rate hikes comes into view – Commerzbank