Gold is at an inflection point. After a historic run that took the metal above $5,300 per ounce in January 2025, spot prices have fallen below the 200-day simple moving average and briefly below $4,100.
J.P. Morgan's head of base and precious metals research recently described gold’s move as a "sideways plod," with investor attention fading amid concerns that the Fed might have to respond to energy-driven inflation with rate hikes.
