Gold's Short-Term Headwinds: USD Credit and Financial Attributes Both Dim
USD credit and the financial attributes of gold are now simultaneously weakening, leaving short-term gold prices facing headwinds. This assessment stems from the current global macro environment where the USD credit system is under challenge, while gold's financial attributes—as a safe-haven asset and inflation hedge—are temporarily neutralized by high real interest rates and a strong dollar. The market should be cautious about short-term correction risks.
Turning Signal: Peak AI Capex Could Mark Gold's Comeback
Some analysts argue that when the AI-related capital expenditure cycle peaks, market risk appetite may decline, prompting capital to flow back from high-risk assets to safe havens. At that point, gold's financial attributes and USD credit would regain support, potentially driving a new rally. However, we are still in an observation phase and need more data to confirm.