Gold markets changing balance of power
Gold is trading near USD 4,100 per ounce after reaching a record USD 5,595.44 and then undergoing a sharp correction, according to the World Gold Council. Its short-term outlook remains tied to Federal Reserve policy, the dollar, bond yields, and geopolitical risks. A stronger economy and higher interest rates could push prices toward USD 3,500–3,900, while monetary easing and increased uncertainty could restore upward momentum.
The market’s longer-term center of gravity is shifting toward Asia. Hong Kong and Singapore are expanding gold-trading infrastructure, while China is promoting physical gold ownership and increasing central bank purchases. Western gold ETFs recorded heavy outflows, but Asian demand remained positive. Poland’s central bank now holds more than 632 tons of gold.
