After one of the most consistent runs in months, gold just blinked. Prices dropped 2.29% this week to US$4,012 an ounce, even as the Fed delivered its long-expected rate cut. But here's the twist: the cut came with a hawkish warning. The Fed made it clear that no more cuts are likely this year. That single statement changed everything. Markets instantly repriced expectations, the U.S. dollar strengthened, and gold's momentum stumbled. So the big question now is whether this marks the start of a reversal or just the breather before the next leg higher?
In this week's episode of The Australian Gold Weekly Review, Ved and Brian break down why gold pulled back despite a rate cut, what it says about investor sentiment, and how traders are repositioning ahead of year-end. If you've been riding the gold rally, this is where you'll want to lean in.
While gold cooled off, silver quietly took the lead. Up 1.44% to US$49.16 an ounce, silver found fresh support from improving global manufacturing data, especially out of China and the Eurozone, and a new round of Chinese infrastructure stimulus. Industrial metals are back in focus, and silver's dual role as a precious and industrial metal means it's once again attracting both traders and long-term investors.
Oil, meanwhile, fell 2% this week to US$60.23 a barrel as U.S. inventories rose for the third straight week and OPEC output crept higher. On the demand side, the International Energy Agency slashed its 2025 consumption forecast, citing slower Chinese manufacturing and weaker transport activity. At the same time, the ASX All Ordinaries Gold Index barely budged, up just 65 points after sharp early-week sell-offs from the majors. Producers struggled to recover, and investors are asking whether the index is still overbought and how closely it will follow gold's next move. Ved and Brian dive deep into these questions, unpacking how the macro picture is reshaping sentiment across gold equities and why some investors are already rotating toward value names.
Inside the members-only section, Ved and Brian go one layer deeper, analysing September-quarter reports from top producers. They cover everything from lower production trends and rising AISC costs to the capex-margin trade-off that's quietly tightening profit outlooks heading into 2025. Are producers still managing to grow margins, or are they burning cash to stay in the game? This week's deep-dive tells you exactly that.
Gold's rally may have paused. But markets like this are where momentum turns into opportunity, for those paying attention. Tune in to this week's episode of The Australian Gold Weekly Review to see whether this correction is the end of the run or just the setup for something much bigger.
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