Saxo Commodity Strategy
By Ole Sloth Hansen
Timely gold and commodity market commentary from Ole Sloth Hansen, Head of Commodity Strategy at Saxo Bank.
Gold under pressure, but ETF demand tells a different story
Oct 7, 2026
Gold trades 1.1% lower once again approaching key support around USD 4,100, as sellers focus on continued dollar and yield strength as well as renewed upward pressure on fuel prices. Recent selling by leveraged hedge…
Gold holding up well during bond stress test
Sep 25, 2026
Gold has so far managed the stress test from higher yields and a stronger dollar remarkably well, trading down around 2% on the week without challenging key support levels. Meanwhile, ETF holdings have continued to rise…
Gold bounces as Fed hike is priced in
Sep 16, 2026
Gold has moved back above USD 4,300, finding renewed demand below that level as traders conclude that a US rate hike today is largely priced in, while some profit-taking on short bond positions has also supported the…
Gold challenged ahead of FOMC
Sep 15, 2026
Gold trades near USD 4,300 after touching USD 4,252 on Monday, when technical selling briefly pushed the metal below USD 4,300. The pressure reflects a combination of rising oil prices, a US rate hike on Wednesday being…
Gold rangebound as weaker dollar offsets rate-hike and inflation risks
Sep 9, 2026
Gold traders - and the algorithmic programmes that account for a significant share of day-to-day activity - are currently struggling to determine which of several competing themes will ultimately set the tone, overall…
Gold holds near USD 4,400
Sep 8, 2026
Gold holds near USD 4,400, having traded as high as USD 4,442 during the Asian session, with the market caught between renewed strength in crude oil, rising bond yields and a softer dollar. Ongoing Gulf tensions are…
Gold rebounds
Sep 3, 2026
Precious metals, led by gold, trade higher for a second day, supported by softer US economic data and lower oil prices, which have helped arrest the rise in bond yields. Additional support has come from a softer dollar,…
Gold correction driven by long liquidation as yields bite
Sep 1, 2026
Rate hike expectations and rising long-end bond yields are currently the two biggest headwinds weighing on gold and other investment metals, with the recent strengthening of the dollar adding another layer of pressure.…
Gold Holds Firm While Silver and Platinum Waver
Jul 15, 2026
¤ Gold remains trapped in a broad USD 3,950–4,200 range as investors weigh the inflationary impact of higher energy prices against the longer-term risks to economic growth. ¤ Softer-than-expected US inflation briefly…
Gold: From Capitulation to Consolidation
Jul 9, 2026
Considering what was thrown at gold yesterday - surging oil and fuel prices, hawkish signals from the FOMC minutes, rising yields and traders once again entertaining the possibility of a rate hike - it has actually held…