We're into the time of year when flows dominate fundamentals so it's tough to pin down every market move. Gold's latest rally has pushed it up $14 to $2032 on the day.
I don't see any headlines behind it but eyes are on the Red Sea and how the US will respond to a threat to global shipping.
What I will say is that there is very strong seasonal tailwind for gold for the next six week and with the Fed turning dovish and the dollar slipping, it has a fundamental backing. Also note that BOJ is less than 12 hours away and that could be a factor.
