Gold prices edged lower on Tuesday as a resilient dollar capped gains. Investors are now shifting their attention to upcoming US inflation data for clearer indications regarding the Fed's next interest-rate moves.
Following Saturday's fatal Houthi-claimed missile strike on a departure terminal, Saudi Arabia reported a fresh wave of incoming fire, forcing Riyadh airport to remain closed for the time being.
The WGC said 67.3 tonnes of gold flowed into gold ETFs last month, defying higher bond yields. Asian demand has been a pillar of strength throughout 2026, led by China buying.
China's central bank has bought gold for 23 straight months, reflecting the push to cut its dependence on the dollar. Analysts are expecting sustained demand for the bullion.
Consumers in the country are loading up on gold jewellery, bars and coins as real estate and stock markets remain shaky. Government bond yields are hovering around their record lows.
BofA projects that gold will average $4,000 per ounce in Q4 before rebounding to approximately $4,800 in 2027 once the Fed concludes its monetary tightening cycle.
EBC Financial Group analyst says gold has formed a large double bottom pattern that developed during the first week of October. The price could advance all the way to $4,215.
Asset Recap
As of market close on 12 October, among EBC major products, Medtronic shares led gains after the completion of an oversubscribed exchange offer to divest its diabetes business.
Lumentum Holdings experienced a sharp intraday pullback as sector-wide profit-taking swept through high-beta AI infrastructure and optical networking stocks.
The Swiss franc fell to the lowest level in months. This downward pressure stems from a growing monetary policy divergence, as the SNB maintains its dovish stance.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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