Key Takeaways:
- Gold climbed about 15 percent since June, reversing a sharp second-quarter slide
- The metal posted its worst quarterly return in more than a decade in Q2
- Central bank buying, with RBI reserves at 880.52 metric tonnes, underpins demand
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Gold rebounds 15% since June after worst quarter in a decade
Gold has climbed about 15 percent since June, reversing its worst quarterly performance in more than a decade as the higher yields that pressured the metal eased and safe-haven demand returned.
Central banks remain steady buyers, with the Reserve Bank of India holding gold reserves at 880.52 metric tonnes, according to central bank data. The RBI's holdings have stayed flat even as the metal's price swung sharply over the past two quarters, a sign that official-sector demand remains durable despite the volatility.
The second-quarter slide came as rising bond yields lifted the opportunity cost of holding non-yielding bullion, pushing gold to its steepest quarterly loss in more than 10 years. The rebound since June has been driven by escalating tensions in West Asia, including the US-Iran conflict, which sent investors toward the metal as a store of value. Falling crude prices and shifting expectations around the Federal Reserve's rate path have also supported the recovery, with lower oil easing the inflation pressure that had clouded the outlook.
The 15 percent advance marks a sharp reversal for a metal that spent much of the year under pressure. With geopolitical risk and inflation uncertainty persisting, gold's next move hinges on the Fed's policy trajectory and whether central bank buying continues to underpin demand. A sustained rally would lift gold miners and commodity exchange-traded funds that track the metal, while a renewed climb in yields could stall the recovery. For investors, the rebound shows how quickly the interest-rate environment that drove gold's second-quarter slump can shift, and how sensitive the metal remains to both monetary policy and geopolitical headlines.
This article is for informational purposes only and does not constitute investment advice.
