Gold prices have eased and ETF inflows slowed as investors rotated back into technology stocks despite geopolitical uncertainty.

22 May, 2026 Highlights Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price 1 Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike. Policy actions on gold imports Since early April the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past. On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024 ( Chart 1 ). Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme) 2 and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year. 3 Chart 1: Import duty reverses course Customs duty on gold (%)* *As of 13 May 2026 Source: CBIC, World Gold Council. These measures followed a series of policy actions that were seen as efforts to slow the import of gold, including the delay in issuing annual licenses for bullion imports to banks, 4 restrictions on the import of all forms of gold, silver and platinum jewellery and platinum alloys; 5 and continued delay in issuance of notification exempting banks from the Integrated Goods and Service Tax (IGST), 6 which led to the banks pausing bullion imports for over a month. 7 The pattern of gold import duty revisions To date, India’s gold import duty revisions have been infrequent, with long periods of stability between policy revisions. Gold imports were subject to a flat duty (a fixed rupee amount per 10g) prior to 2012, but this was subsequently replaced by a value-based duty structure. Between 2012 and 2013 duties were raised repeatedly through a series of 2% hikes, up to 10%. This was followed by a prolonged gap of nearly six years before a further 2.5% hike in July 2019. Since then, revisions have become larger and more frequent, including duty cuts in 2021 and 2024 and sharp hikes in 2022 and 2026, reflecting a more active use of import duties to manage trade dynamics. Table 1: India’s gold import duty cycle Source: CBIC, World Gold Council Price adjustment – the tariff lag effect As expected, the import duty hike led to an immediate increase in domestic gold prices. However, the rise in prices was lower than the 9% increase in duty. Physical market prices, proxied by the MCX spot gold price, have risen in the range of 4% to 6% since the change in duty. While the duty hike mechanically raises the official domestic or landed price, 8 physical market prices do not fully or immediately mirror the increase in duty – rather they adjust to it with a lag, particularly when the change is as steep as the current 9%. Moreover, the increase came at a time of seasonally weak demand – summer wedding purchases are largely over, and the period from mid-May to mid-June is considered inauspicious for buying gold – thus limiting the full pass-through of the duty hike. Market feedback indicates that there is ample supply from the exchange of old gold jewellery for new, and the likely front-loading of imports, further limiting the rise in price. Chart 2: Prices have risen less than the duty hike Landed price and MCX spot gold price in USD per ounce* *As of 18 May 2026. Landed price is the international prices (LBMA Gold Price AM) adjusted for import taxes. Source: Bloomberg, CBIC World Gold Council. Domestic gold prices trade at a deep discount post duty revision In the immediate aftermath of the import duty hike, domestic gold prices traded at a steep discount to official prices, 9 widening from an average of US$14/oz the week prior to the duty hike to nearly US$150/oz ( Chart 3 ). The rise in domestic prices post the duty hike triggered profit-taking by investors, boosting supply even as physical buying weakened, and bullion dealers likely offloaded inventory imported at lower duty rates, adding to market supply. Chart 3: Discounts widened sharply NCDEX gold premium/discount relative to the official domestic price* *As of 15 May 2026. Source: NCDEX, World Gold Council. Previous import duty hikes in 2019 and 2022 also resulted in discounts in the domestic market, but this episode has been significantly more pronounced due to the scale of the increase ( Table 2 ). Table 2: Post-duty hike movement in domestic gold price discounts (US$/oz) Source: NCDEX, World Gold Council Market and trade reaction and expectations Share prices of listed jewellers fell by ~2%–17% following the duty hike, reflecting expectations of weaker discretionary demand. Market feedback and trade interactions suggest a varied impact across segments, with many retailers indicating a likely pause in procurement. Large chain stores saw a brief period of panic buying after the announcement, driven by expectations of further measures, and while they expect a slowdown in sales, they remain relatively resilient given inventory buffers and continued support from bridal demand. Mid-sized and regional players continue to see buying from affluent customers but are expecting to rely more on exchange programmes and tighter inventory cycles going forward. Smaller retailers appear the most vulnerable: already stretched by persistently high prices, they now face added pressure from sales volumes and profit margins. Import duties and smuggling Import data points to a consistent relationship between higher import duties and the inflow of unofficial gold. Between 2013 and 2026 increases in import duty were mostly followed by higher levels of unofficial or smuggled gold, while duty reductions coincided with sharp declines in such inflows. Excluding the COVID years of 2020–21, the correlation between import duty and unofficial imports is positive at 0.52, indicating a meaningful link between higher duties and smuggling activity. Following the 4% duty hike in 2013, unofficial imports increased sharply from around 10t in Q1 of that year to 70t by Q1 2014, a seven-fold increase in under a year. Even when duties were steady at 10% through the second half of 2013 until Q2 2019 unofficial inflows remained elevated, averaging 34t per quarter. This suggests that once smuggling networks are established they are difficult to unravel. A similar pattern was observed after duty was hiked from 10.75% to 15% in July 2022. Unofficial imports rose from 17t in Q2 2022 to nearly 50t by late that year and stayed elevated through much of 2023. In contrast, after duty was cut to 6% in July 2024, unofficial imports fell almost immediately to near zero. There was a temporary drop in unofficial imports during 2020–21, which can be attributed to COVID-related disruptions. The evidence suggests that higher import duties widen the domestic–international price gap and increase the incentive for smuggling, while lower duties reduce its attractiveness. Chart 4: Import duty driven shifts Source: Metal Focus, World Gold Council. Limited duty sensitivity of imports Our analysis suggests that import duty changes have had a limited influence on official import volumes over the past 13 years. 10 Across duty regimes ranging from 6% to 15% official imports remained relatively resilient, between 175t and 236t per quarter in most periods, excluding the COVID period in 2020. The highest quarterly imports were recorded under the 10.75% duty regime (236.2t), while imports also remained stable at the higher 15% duty rate (174.5t). Statistically, the overall correlation between duty rates and official imports is negative 0.17, indicating a weak relationship between the two. This suggests that duty changes are not a key driver of imports; rather, broader demand conditions play a greater role. Chart 5: Steady imports through duty cycles Average quarterly official imports at various import duty levels* *As of 18 May 2026. Source: DGCIS, CBIC, World Gold Council Recent data also highlights import resilience: April imports rose to US$5.6bn, up more than 80% on an annual as well as a sequential basis. This was despite banks pausing gold imports as they awaited the renewal notification that exempt them from the integrated goods and services tax (IGST). This suggests that the imports were likely driven by refiners, who increased their intake of gold doré around the key demand period of Akshaya Tritiya (19-20 April) further supported by gold price moderation. At the same time, some degree of front loading of imports – in anticipation of curbs amid the prolonged Iran-US conflict, elevated oil prices, and the INR vulnerability to a high import bill – cannot be ruled out based on anecdotal evidence. In volume terms, we estimate imports in April were in the range of 48-55t. Chart 6: Imports rise despite disruptions Monthly gold imports in tonnes and US$bn* *Includes World Gold Council estimates. Source: Ministry of Commerce and Industry, CMIE, World Gold Council Gold ETFs: flows slow Indian gold ETFs continued to attract inflows in April 2026, marking the 12th consecutive month of positive flows. Net inflows stood at INR30.4bn (US$325mn), broadly in line with our estimates . 11 While inflows were modestly higher sequentially (up 3% m/m), they remained well below January’s peak, at about 13% of the INR240bn (US$2.6bn) recorded at that time, signalling a moderation in demand after a very strong start to the year. Redemptions stayed elevated in April at INR20.5bn (US$220mn), reflecting ongoing profit-taking, a trend seen since February. Cumulative holdings rose by 1.1t to 116.7t, while AUM stood at INR1,781bn (US$19bn), a modest 3% decline from January, largely due to softer gold prices (down ~9% in INR terms). Investor participation remained healthy, with folios (or accounts) reaching 12.5mn, although growth slowed in April, with folio additions of 77,413 – the lowest since September 2024. Gold ETFs experienced outflows following the import duty hike, with redemptions from 13-18 May largely reversing earlier gains. On a month-to-day basis, however, demand remains marginally positive at around INR1bn (~US$12mn). Chart 7: Gold ETF momentum softens Gold ETF flows in INRbn, and total holdings in tonnes* *As of end April 2026. Source: AMFI, ICRA Analytics, CMIE, World Gold Council Demand moderation Gold demand trends across different duty regimes indicates that while import duties influence consumption, other key factors such as gold prices, income growth and inflation, simultaneously impact demand. Periods of high import duties have generally coincided with a moderation in demand, particularly for bars and coins. Average quarterly demand remained relatively subdued during the extended 10% duty period of 2013-19 ( Chart 8 ) as well as during the period of 12.5% duty (2019-20), although the latter was also affected by COVID. Chart 8: Tariffs temper demand Average jewellery and bar and coin demand at various import duty levels* Source: Source: Metal Focus, CBIC, World Gold Council Our econometric models 12 suggest that changes in import duties tend to impact gold demand in both the short and long term, although the impact differs across jewellery and investment products such as bars and coins. Investment demand appears more sensitive to duty changes, while jewellery demand has shown greater resilience. Jewellery consumption is influenced more by prices and inflation and import duties have less of an impact. This is likely because jewellery purchases often tend to be a requirement, particularly for weddings and social occasions. Investment demand on the other hand is linked to income levels and import duties, with higher duties and restrictions tending to weigh on demand. In the short term, factors such as inflation and rainfall also influence investment demand alongside taxes. Looking at 2026 as a whole, we estimate that combined jewellery and bar and coin demand could decline by around 50-60t, around 10% lower than the previous year due to the impact of the import duty hike. Other factors, such as the gold price, changes to income levels, inflation, or effects from the monsoon would further influence annual demand. Footnotes 1 Landed price is the international price (LBMA Gold Price AA) adjusted for import taxes. Prices as of 18 May 2026. 2 Centre further tightens gold import rules, caps advance authorization at 100 kg, The Tribune, 20 May 2026. 3 Why PM Modi asked Indian families not to buy gold for a year, India Today, 11 May 2026. 4 After delay, DGFT authorises 17 banks to import bullion for 3 years, Indian Express,17 April 2026 5 India imposes immediate restrictions on gold, silver and platinum jewellery imports to curb FTA misuse, NDTV Profit, 1 April 2026. 6 IGST is a tax on the supply of goods and services between states in India. 7 India's gold import crisis: Why banks halted shipments for a month and what it took to start again, Money Control, 12 May 2026. 8 Landed price is the international price (LBMA Gold Price AM) adjusted for import taxes. 9 Official domestic price is the landed prices which is the international price adjusted for import taxes. 10 Q3 2013 to Q1 2026. 11 Based on partial information 12 Reference page 128-132. Source： https://www.gold.org/goldhub/gold-focus/2026/05/india-gold-market-update-import-tightening

May 21, 2026 The gold price is stabilizing on Thursday morning. Following its recent setback to a multi-week low, the precious metal is trading firmer again on international markets. Spot gold currently changes hands at around $4,537 per troy ounce, equivalent to roughly €3,914 per ounce. With this move, the gold price extends the recovery that began after the multi-week low of May 19, when, according to CNBC, spot gold fell more than 2% to $4,474 per ounce, hitting its lowest price since March 30. The metal has thus given up substantial ground since its all-time high of $5,602.22 per troy ounce on January 28, 2026. The correction has been driven primarily by the Iran conflict that erupted in late February. Contrary to what many market participants expected, the geopolitical shock did not act as a classic safe-haven trigger. Instead, the prolonged closure of the Strait of Hormuz produced an oil-price shock that, in turn, fueled inflation concerns. Gold has fallen about 12% since the Iran conflict began, weighed down by a stronger U.S. dollar, higher Treasury yields and reduced expectations for Fed rate cuts. ING's Manthey: $5,000 by Year-End Realistic Despite these headwinds, the medium-term outlook for the gold price remains constructive. Ewa Manthey, Commodities Strategist at ING, projects prices to reach $5,000/oz by year-end , supported by central bank demand and improving ETF flows. According to Manthey, the recent decline mainly reflects temporary macro headwinds — higher oil prices, a firmer U.S. dollar, and elevated real yields. Once the war comes to a conclusion, gold's underlying support should reassert itself, Manthey told deVere Insights . Over the coming months, the ING expert sees around six per cent upside as realistic. ING is not alone in its bullish stance: A recent Reuters poll of 31 metals analysts found a median forecast of $4,916 for 2026. Goldman Sachs is even more optimistic — the commodities team led by Daan Struyven expects gold to climb to $5,400 per troy ounce by the end of 2026. Central Banks and ETF Inflows as Key Drivers Two pillars underpin the bullish outlook. First, central banks worldwide are sticking with their buying strategy: The People's Bank of China added 8 tonnes to official gold reserves in April, the highest single-month acquisition in fifteen months. At a recent Goldman Sachs central bank conference, around 70 percent of polled central banks said they expect rising gold reserves globally over the next twelve months — and roughly the same share expect the gold price to settle above $5,000 within a year. Second, listed gold ETFs are seeing fresh inflows despite rising inflation concerns. Physical demand in Asia also remains robust: Premiums in Shanghai held positive against London spot throughout Tuesday's selloff, underscoring that the world's largest physical gold market absorbed supply at lower prices. In the days ahead, investors will focus on the U.S. flash PMI and weekly initial jobless claims, both expected on May 22, 2026 — weaker readings would typically feed into expectations for Federal Reserve rate cuts. Should the data disappoint, the gold price could accelerate its move higher. Source： https://goldinvest.de/en/gold-price-ing-sees-usd5-000-mark-within-reach-by-year-end

May 18, 2026 In April, the Chinese gold market presented itself as a fascinating two-tiered society: while physical consumption at the grassroots level cooled noticeably, institutional investors and the government continued to pour billions into the precious metal undeterred. A market is emerging that is decoupling itself from short-term price fluctuations and is instead dominated by hard-nosed strategic purchases. Geopolitics keeps the price in a sideways stranglehold In terms of price, gold largely treaded water in April. The LBMA Gold Price PM recorded a marginal gain of 0.1%, while the Shanghai Gold Benchmark Price PM fell by 0.4%. Geopolitical ups and downs shaped the picture: An initial easing of tensions in the Middle East pushed bond yields lower and initially supported the precious metal. Shortly thereafter, new uncertainties surrounding the Strait of Hormuz drove up oil prices, dampened hopes for rapid U.S. interest rate cuts, and took the wind out of gold’s sails. Yet while the price stabilized, massive transactions were taking place behind the scenes. The driving forces: ETFs, the central bank, and imports Despite burgeoning competition from a resurgent Chinese stock market, financial investors and the central bank continued their accumulation unabated. The figures from the World Gold Council speak for themselves: ETFs on a record-breaking streak: For the eighth consecutive month, Chinese gold ETFs recorded inflows—specifically 3.5 billion renminbi (498 million USD). Holdings rose by 3 tons to a new month-end high of 301 tons. Assets under management thus climbed to 306 billion renminbi (45 billion USD). PBoC buys relentlessly: The People’s Bank of China (PBoC) increased its gold reserves by another 8 tons in April, bringing the total to 2,322 tons. It was the 18th consecutive monthly purchase and the largest since December 2024. Gold now accounts for 9% of total foreign exchange reserves (USD 3.8 trillion). Massive Q1 imports: Net imports underscore the massive appetite for the metal. In March, these rose to 143 tons (+49% month-over-month). The first quarter closed at 316 tons—a massive jump of 182% from the previous quarter and 333% year-over-year. Sluggish consumption and declining trading volumes On the flip side, there is a noticeable slowdown in physical wholesale trading, which coincides exactly with the start of the traditionally weaker seasonal phase in the second quarter. Gold withdrawals from the Shanghai Gold Exchange fell by 23% month-over-month in April to 103 tons. However, the 33% year-over-year decline is significantly mitigated by the fact that April 2025 marked the highest demand since 2018. The trend is nonetheless unmistakable: Chinese consumers are currently preferring to channel their capital into experiences and travel rather than traditional jewelry. While there was some light restocking ahead of the May 1 holidays, the major surge failed to materialize. Even physical bullion buyers have recently hesitated, lured by the renewed appeal of the domestic stock market. This caution was also evident in the futures market. Trading volume on the Shanghai Futures Exchange fell by 31% to 307 tons per day. However, the fact that this figure remains significantly above the five-year average of 265 tons per day demonstrates the market’s underlying strength. Outlook: The market remains divided This two-pronged picture is likely to persist in the coming months. Demand for jewelry and bullion is expected to remain weak during the seasonal lull, especially if the stock market remains strong as a competitor for capital. However, strategic and financial demand via ETFs and the central bank forms a massive foundation that cements China’s position as an indispensable anchor in the global gold sector. Source： https://goldinvest.de/en/china-s-gold-market-why-major-investors-and-the-central-bank-are-buying-up-massively-despite

Published: May 11, 2026 - 11:43 PM Updated: May 11, 2026 - 11:46 PM (Kitco News) - Gold prices remain stuck in neutral, with prices starting the new trading week below $4,700 an ounce; however, analysts remain optimistic that prices will recover through the second half of the year as investment demand remains healthy, with global gold-backed exchange-traded funds seeing inflows in April. Last month, 45 tonnes of gold valued at $6.575 billion flowed into global ETFs, according to the World Gold Council’s latest monthly report, published last Thursday. April’s increase was a welcome rebound from March’s outflows of 84.3 tonnes. The WGC said that global holdings increased to 4,137 tonnes, the third-highest level ever and just below the record high of 4,176 tonnes set in February. Looking at the regional breakdown of gold demand, the report said that European-listed gold ETFs saw the biggest inflows last month. European investors bought nearly 27 tonnes of gold in April, valued at US$3.7 billion. “The UK led the surge, while Switzerland and Germany also contributed meaningfully. Positive flows in the region appeared linked to heightened geopolitical and geoeconomic risks, as investors assessed the inflationary implications of a more protracted Iran conflict and the associated pressure on energy prices,” the analysts said in the report. North American investors remained a consistent presence in the gold market, with regional funds seeing inflows of 6.1 tonnes, valued at $1 billion. Although investment demand among Western investors improved last month, analysts at the WGC said the market remains vulnerable due to the ongoing war in Iran. The chaos in the Middle East has created a historic global energy supply shock, which is driving oil prices higher and igniting inflationary fears. Higher inflation could force central banks to take a more hawkish stance on monetary policy, raising rates and increasing the opportunity costs of holding gold . Despite near-term downside risks, analysts at the WGC said that gold’s long-term uptrend remains intact, just waiting for a new spark to ignite another bullish rally. “The near-term setup is not especially friendly. Gold is technically vulnerable, rate-cut expectations have moved out, and markets are treating the shock as temporary. Absent a fresh catalyst, this could remain a weak period for gold,” the analysts said. While Western demand is expected to remain vulnerable, Asian investors continue to pile into precious metals. The WGC said that Asian-listed gold ETFs saw inflows of more than 11 tonnes, valued at $1.8 billion. This is the eighth consecutive month the region has seen positive inflows. “The region remains important to watch, with year-to-date flows currently on pace to challenge last year’s record total. China led the region: funds in Hong Kong SAR added US$732 million, a record month, supported by new product listings; and gold ETFs in Mainland China continued to draw inflows amid elevated geopolitical tensions, falling yields, and continued official-sector gold-buying announcements,” the analysts said. Source： https://www.kitco.com/news/article/2026-05-11/global-gold-etfs-see-fresh-inflows-despite-rising-inflation-risks

[SMM Morning Meeting Minutes: Driven by Macro Factors, LME Zinc Rose to Record a Three-Day Winning Streak] Overnight, LME zinc opened at $3,397.5/mt. Early in the session, LME zinc experienced small fluctuations downward to a low of $3,392.50/mt. Subsequently, bulls increased open interest to push prices to fluctuate upward, reaching a high of $3,461.00/mt. Late in the session, LME zinc pulled back slightly, ultimately closing higher at $3,447.00/mt, up $37.5/mt, a gain of 1.10%. Trading volume increased to 87,481 lots, and open interest increased by 892 lots to 237,000 lots.

old's rollercoaster year just took another turn, and investors are paying close attention. After a steep selloff rattled markets last month, CNBC reported that strategists at Wells Fargo are making a bold call: The precious metal could surge to $8,000 an ounce, a jaw-dropping jump from roughly $4,800 currently. (1)

Futures: Overnight, LME lead opened at $1,949/mt. During the Asian session, prices fluctuated upward, touching a high of $1,962.5/mt. Entering the European session, lead prices shifted to fluctuate downward. Although there were slight rebounds during the period, the momentum was limited. Prices continued to weaken during the evening session, dipping to a low of $1,940/mt, before rebounding slightly at the end of the session, ultimately closing at $1,947.5/mt, up $8.5/mt, a gain of 0.44%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,805 yuan/mt. After a brief pullback at the start, prices moved higher in a volatile manner, touching a high of 16,825 yuan/mt, then moved sideways within the 16,785-16,810 yuan/mt range. During the midnight session, lead prices fluctuated downward, dipping to a low of 16,745 yuan/mt, before rebounding slightly at the end of the session, ultimately closing at 16,765 yuan/mt, recording a bearish candlestick, down 35 yuan/mt, a decline of 0.21%. On the macro front: 1. Iranian media: The Strait of Hormuz has been fully closed. 2. Iranian media: If Israeli attacks on Lebanon do not stop, Iran will withdraw from the ceasefire. 3. "US Fed mouthpiece": The ceasefire agreement made it harder for the US Fed to decide. 4. US Fed meeting minutes: More officials mentioned the possibility of rate hikes. 5. US media: Trump considered partially withdrawing US troops from NATO allies. 6. World Gold Council: Gold ETFs saw record capital outflows in March. 7. The State-owned Assets Supervision and Administration Commission of the State Council established the Overseas State-owned Assets Bureau. 8. Iran sought security guarantees from China? The Ministry of Foreign Affairs responded. Spot fundamentals: Boosted by positive macro news, SHFE lead continued to hold up well. Some suppliers lowered discounts for shipments, while others had limited cargoes and temporarily offered no quotes. Quotes for primary lead cargoes self-picked up from production site diverged, with mainstream production areas quoted at premiums of -30 to +50 yuan/mt against the SMM #1 lead average price, ex-works. Secondary lead side, smelter shipments also diverged, with some holding prices firm for shipments and others expanding discounts for shipments. Secondary refined lead was quoted at premiums of -50 to 0 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises showed strong wait-and-see sentiment, making it difficult to close deals at high prices in the spot market, with some premium cargoes attracting no interest. Inventory side, as of April 8, LME lead inventory decreased by 2,400 mt to 279,025 mt. As of April 7, SMM five-region lead ingot social inventory rebounded slightly. Lead price forecast for today: Supply side, China's five-region lead ingot social inventory saw a slight inventory buildup. Secondary lead enterprises saw slower-than-expected production resumptions due to profit constraints. Some smelters cut production slightly this week due to insufficient raw material inventory. Meanwhile, some smelters that resumed production in mid-to-late March were still in the capacity ramp-up stage. The supply side presented a mixed picture of bullish and bearish factors. Demand side, lead prices fluctuated at highs, suppressing downstream purchase willingness. Wait-and-see sentiment was strong in the market, with high-priced spot cargoes seeing sluggish transactions, and some premium varieties attracting little interest. SHFE lead is expected to maintain a range-bound consolidation trend in the short term.

[SMM Morning Meeting Minutes: Strait of Hormuz Closed Again, LME Zinc Under Pressure] Overnight, the LME zinc contract recorded a long upper shadow bearish candlestick, with various moving averages below providing support. On the macro front, optimistic sentiment over the US-Iran ceasefire drove risk assets higher, and the US dollar index touched a one-month low. However, the escalation of the Israel-Lebanon conflict, the resumption of hostile actions between Iran and Israel, Iranian media reporting that the Strait of Hormuz had been fully closed, combined with the possibility of a US Fed rate hike, put LME zinc under pressure.

The current development of the gold price continues to cause frustration for many investors. Despite the ongoing uncertainty in the Middle East and the war involving the USA and Israel against Iran, gold has so far failed to gain lasting new momentum from these events.