ING’s Warren Patterson and Ewa Manthey report that Gold is trading around $5,000/oz as investors reassess geopolitical risks and the macro backdrop. They say lingering uncertainty over US‑Iran talks keeps Gold well supported, with geopolitical tensions, expectations of lower interest rates and ongoing investor and central‑bank demand underpinning a still‑constructive outlook, though future gains may be more measured.

Constructive outlook with elevated volatility

"Gold is trading around the $5,000/oz mark, recovering from recent volatility as investors reassess geopolitical risks and the broader macro backdrop."

"Markets remain sensitive to US-Iran talks, with lingering uncertainty helping to keep gold well-supported near record levels."

"The underlying outlook for gold remains constructive."

"Geopolitical risks, expectations of lower interest rates later this year, and continued investor and central‑bank demand are underpinning prices."

"While volatility is likely to stay elevated around geopolitical headlines, risks remain skewed to the upside, even if gains from here are likely to be more measured than the sharp rally seen previously."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)