TD Securities strategists see Gold supported by doubts over the Federal Reserve (Fed) but with limited near-term upside. They argue that potential oil-driven inflation could keep Gold confined to a defined trading range into early 2027, before easing inflation, a weaker USD Dollar (USD) and lower carry costs drive prices materially higher later that year.
Fed path and oil risks steer gold
“While gold, silver, and PGMs have benefited significantly from the narrative that the Fed will not raise rates this year due to political worries, a willingness to look through an energy price shock, and a lackluster labor market, we see limited additional…
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