Gold’s rally has stalled, but it's not the end of the bull run, according to Tony Kim, global head of metals trading at Goldman Sachs. Uncertainty over Federal Reserve policy and the disruption caused by the US-Iran conflict have temporarily weakened several sources of demand. The longer-term picture, however, remains supportive because central banks are buying more gold than they did before the Russia-Ukraine war. According to Kim, gold could make new records once the current market uncertainty clears, with the $4,000-an-ounce area looking attractive for investors willing to build positions gradually.
