Bull market remains intact but unlikely to gather fresh momentum until next year

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Tighter US yields have contributed to an orderly erosion in the gold price over the past month.

The sharply higher oil price has also had a dampening effect on gold. However, my view is that gold prices should not be inversely correlated with oil over the longer term.

Looking at the broader picture, a combination of geopolitical uncertainty, de-dollarisation and the clear portfolio diversification benefits that gold offers continues to support the market.

My view remains that we are firmly in a bull market for gold. While we may see further sideways price action for the remainder of this year, I believe 2027 is set to be a strong year for the precious metal.