As trade uncertainty and US-China tensions are back on the menu, gold is starting to see more inflows again to start the new month. The precious metal continues to have much working in its favour and buyers themselves are now hoping for a wind of change on the technical front as well. With the move higher today, gold is starting to contest a break of its recent lower highs, lower lows pattern:

That could see the precious metal buck the trend in search of a stronger push higher in the week(s) to come.

Besides that, we’re also starting to see ETF purchases pick up again in recent weeks. As noted before here, there is still a lot of catching up to do and that is something that could add a strong tailwind for gold if it comes to be realised.

This chart by BofA is starting to emphasise the rush for gold now as ETF buyers were lagging behind previously (h/t @ zerohedge):

It is definitely something to consider when analysing the macro outlook for gold as we look towards 2H 2025.

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