ETF outflows and portfolio rebalancing signaled a cooling appetite for gold, though analysts remain divided on the outlook. Some see room for consolidation below recent highs, while others expect renewed strength if upcoming U.S. inflation data and Fed comments reinforce expectations of rate cuts.

Technically, markets stay broadly stable:

• EUR/USD holds above 1.1625, awaiting central bank updates.
• Gold consolidates near $4,000 after record inflows and profit-taking.
• Brent Oil rises on trade optimism and new U.S. sanctions on Russian oil producers.
• Bitcoin advances above $115,000, supported by ETF inflows and improved sentiment.

Elsewhere, U.S. sanctions on Russia briefly shook oil markets before stabilizing as Moscow shifted exports toward Asia. Analysts warned the restrictions could limit long-term output. Meanwhile, the Fed’s rapid rate hikes have yet to trigger financial stress thanks to strong corporate balance sheets and fixed-rate debt. However, pressure could rise as refinancing costs increase.

In geopolitics, Trump’s Latin America policy is showing signs of backfire, straining ties with regional partners and giving China more influence through infrastructure investment. Markets now turn to upcoming inflation data, central bank meetings, and global earnings reports for direction.

Please take a look at our detailed bulletin file for further analysis.