Geopolitical Stalemate Support

Despite technical corrections earlier in the week, bullion remains underpinned by the lack of a US-Iran peace deal. The continued naval blockade of the Strait of Hormuz ensures that a structural risk premium remains embedded in precious metals.

Central Bank Accumulation

Data from the World Gold Council indicates that central banks continue to increase reserves despite high nominal prices. This institutional floor is preventing a deeper correction as investors rotate out of geopolitical panic and into long-term inflation hedges.