According to TD Securities’ Ryan McKay, gold is struggling to recover as renewed tariffs proposed by President Trump on major trading partners and escalating US-Iran tensions are fueling an inflationary impulse. These developments have pushed market expectations for a Federal Reserve rate hike into at least early 2027, making it difficult for gold to stage a significant recovery [1].
McKay highlights that Commodity Trading Advisors (CTAs) are closely monitoring gold, with the metal nearing an immediate selling trigger around $4,470 per ounce. He notes that CTA positioning is likely to turn more negative if the market remains flat or declines, suggesting further downside risk for gold prices in the near term [1].
The combination of inflation concerns, geopolitical tensions, and technical selling triggers is capping any potential recovery in gold, according to TD Securities. No specific market reactions or analyst forecasts beyond these points are provided in the source [1].
CONCLUSION
Gold is currently under pressure due to inflationary impulses from tariffs and geopolitical tensions, with technical selling triggers adding to the downside risk. According to TD Securities, further selling is likely if market conditions remain flat or deteriorate, limiting the prospects for a gold recovery in the near term.