Nice setup for gold,hard commodities

Global markets are navigating a complicated mix of geopolitical tensions, rising fiscal risks and renewed volatility in technology stocks. Fresh US sanctions on Iran – and the threat of secondary sanctions – could further strain relations with China, while Washington is considering using Treasury cash to expand bond buybacks and ease pressure on long-term borrowing costs. That may support bonds and equity valuations in the short run, but could also complicate the Federal Reserve’s inflation fight. Meanwhile, investors are increasingly turning toward hard assets. Gold is pushing higher as a hedge against fiscal, inflation and geopolitical risks, while copper remains supported by tight physical markets, strong demand from electrification and AI infrastructure, and backwardation. All eyes now turn to US PCE inflation and Kevin Warsh’s Jackson Hole speech for clues on how the Fed will respond to this increasingly complex policy backdrop.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.