Gold prices rose on Thursday after Trump said Iran agreed not to have nuclear weapons. But an Iranian official, who was not authorized to speak publicly, said those words were “misleading.”

The dollar is expected to stay range-bound in the near term before weakening later this year, strategists said in a Reuters survey, on optimism the Middle East war will end soon.

While forecasters have long expected the dollar to weaken, that conviction has wavered in recent months, with a sizeable minority now predicting ⁠a smaller decline or even gains.

The OECD said global growth is expected to slow from 3.4% in 2025 to 2.8% in 2026, before recovering to 3.1% in 2027 — should the current energy price shock start easing by the middle of this year.

The downward trajectory will further complicate the challenge for global central banks that are grappling with weaker growth and inflationary pressures. EBC Financial Group analyst says that could continue to weigh on gold in the short term.

Fed Chairman Warsh inherits an economy bolstered by an AI investment boom but pinched by rising prices from the Iran war, a survey showed.

Gold began to move sideways on 18 May, without clear signs of a breakout. As such any drop to the 200 SMA support could prove to be an opportunity to build long positions.

Asset recap

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 or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.