London spot gold slipped below $4,000/oz overnight, touching $3,958/oz intraday
— weakest since November 2025 and about 30% off the year-start record $5,598/oz.
Silver fell under $60/oz, roughly half its January peak. DBS Group (China)
senior investment strategist Deng Zhijian said the decline is being driven by US
inflation–fed rate‑hike expectations: headline inflation appears mild but rising
capex and debt expansion are creating tail risks that are pushing central banks
to front‑load defensive hikes, pressuring a non‑yielding asset like gold. A
precious metals trader said Middle East volatility and persistent US
inflationary pressure keep risk concerns alive, but investors rotated into the
dollar this round; market attention is shifting to whether US growth slowdown
signals will be confirmed.
