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Gold Outlook

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Expert gold market insights

Our quarterly gold outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for gold is analysed. Our research team produce gold price range forecasts as part of the report.

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Gold Outlook – Q2 2025

Gold surged to record highs in April, driven by trade policy volatility, rising inflation expectations, and dollar weakness. Investor positioning remains bullish, with strong ETF inflows and elevated net longs providing structural support. Heading into Q2, gold will likely  stay well-supported amid safe-haven demand and persistent policy uncertainty.

 

Metals

As we enter the second half of Q2 2025, markets remain gripped by tariff uncertainty, with Trump’s trade agenda continuing to drive global risk sentiment. Volatility has rippled across FX, bonds, and commodities, as investors weigh the trajectory of trade negotiations and the looming end of the 90-day tariff pause. With diplomacy fragile and positioning increasingly tactical, what lies ahead for metals markets in May and June?
Quarterly Metals Report

Quarterly Metals Report Archive

Gold Outlook – Q1 2025
Gold Outlook – Q4 2024
Gold Outlook – Q3 2024
Gold Outlook – Q2 2024
Gold Outlook – Q1 2024
Gold Outlook – Q4 2023
Gold Outlook – Q3 2023
Gold Outlook – Q2 2023
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