FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 30 institutional desks. No promotion.
Live cross-firm bank consensus across 30 desks — FX, oil & gold
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It's the safe haven status of gold that's gotten dinged recently, not that of the Dollar
The desk posits that the underperformance of gold as a traditional safe haven reflects broader market dynamics rather than a rejection of gold's historical role. Per the full note from ING Economics, gold has not responded positively to recent geopolitical tensions and inflationary pressures, with prices stagnating around $1,900 an ounce. This lack of response could be attributed to investors favoring riskier assets or reallocating to other commodities for better returns, a shift not wholly anticipated given gold's usual inverse correlation with market volatility. With no immediate calendar events influencing gold or economic shifts expected in the short term, the narrative around gold's function as a safe haven is likely to evolve.