Breaking: Silver Tops $38 for First Time Since 2011 
Gold’s momentum has slowed since its all-time high in April, but the core drivers of the rally—central bank demand and global uncertainty—are still firmly in place.
Central banks added 20 tonnes to reserves in May and have continued steady buying into June, with China marking eight straight months of additions.
However, investor sentiment has softened, as seen in cooling ETF flows and fewer net long futures positions. With the U.S. threatening new tariffs and geopolitical tensions persisting, gold could soon break out of its holding pattern—especially if trade negotiations unravel.
