Fundamental OverviewThe price action in gold continues to be rangebound amid some mixed drivers. The real yields rose recently and that kept a lid on the upside, but there was no signal of inflationary pressures in the economic data and interest rates expectations remained unchanged. There is a compelling narrative emerging since the Trump-Biden debate that Trump has basically already won the elections and his policies will be inflationary. That would keep real yields higher for longer or even lead to a sizeable increase. Although, this narrative has some good arguments, it looks premature to price in such developments now given that the context is different. The market might have moved on i
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