Published on: 2026-02-02
Gold prices extended its historic plunge on Monday on a firmer dollar and profit-taking drains momentum. Trump plans to nominate Kevin Warsh as the next chair of the central bank.
Confirmation process will likely be made much more difficult as a result of the pressure campaign Trump has waged against Powell and the bank to drastically lower interest rates.
Trump said over the weekend Iran was "seriously talking" with Washington, signalling de-escalation in the Middle East after risks of a military strike drove prices to multi-month highs.
Gold investment allocations are being underpinned by a broad mix of overlapping geopolitical and economic risks, but around half of the risk may fade later this year, Citi said on Friday.
The WGC affirms that gold-backed ETFs saw another year of strong inflows into in 2025 and demand for bars and coins jumped 16% to a 12-year high.
But it expects record-high prices to hit jewellery demand this year and will slow down purchases by central banks, even though their buying remains elevated when compared to the pre-2022 level.
Gold prices showed no signs of recovery, so they are likely to retest the support around $4537. If the level does not hold, we see further declines towards $4,300.
Asset recap
As of market close on 30 January, among EBC products, United States Natural Gas Fund ETF after EIA inventory report that showed a larger-than-expected draw in gas storage levels.
Verizon's strategy over the past few years has centred around using price increases to drive revenue higher. With CEO Dan Schulman now a few months into his tenure, that strategy is getting a big shake-up.
Intel has been behaving more like a rates stock recently. Potential manufacturing work for Apple and Nvidia, if it materializes, would signal growing customer interest in the company's foundry offering.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
