Gold continues to dominate commodities trading, reaching a peak of $3,500 per ounce in April and currently trading around $3,320. Investors are pouring money into gold-backed ETPs due to uncertainties surrounding Trump’s trade tariffs, economic policies, and global geopolitical risks. While JP Morgan projects gold to exceed $4,000 within a year, some analysts are growing cautious. LBBW expects prices to reach only $3,000 by year-end, citing increased mining supply and already high speculator positions. HSBC’s technical analyst warns that gold’s price has diverged significantly from its 200-week moving average, suggesting potential consolidation ahead.

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What’s Driving Gold’s Sharpest Pullback of the Year
Gold is down 14% in 30 days — but the fundamentals haven’t changed. We break down what’s behind the sharpest pullback of the year, why silver is bucking the trend, and what Iran’s rejection of U.S. talks means for precious metals going forward.




