UBS: Since 2022, just a handful of countries have driven all sovereign Gold demand

Stephen Innes SPI Asset Management

The sovereign gold story began in 2008, not 2022. The Russia sanctions episode accelerated an existing trend rather than creating a new one.

Central bank buying is far more concentrated than most investors realize. A handful of countries account for virtually all net reserve accumulation.

Gold’s structural support increasingly comes from reserve diversification rather than inflation fears, making official sector demand one of the market’s most durable long-term pillars...

Author

Stephen Innes

SPI Asset Management

With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets.

GBP/USD tumbles to three-day lows around 1.3420

GBP/USD comes under extra selling pressure and revisits the area of multi-day lows near 1.3420 in quite a bearish start to the week. Cable’s decline comes amid the firmer Greenback as investors continue to assess developments in the US-Iran conflict. Moving forward, attention will turn to the UK employment report on Tuesday.

EUR/USD declines to near 1.1400 as US launches fresh strikes on Iran

The EUR/USD pair posts modest losses around 1.1410 during the early Asian trading hours on Tuesday. Renewed tensions between the United States (US) and Iran continue to fuel risk-off sentiment, weighing on the Euro (EUR) against the US Dollar (USD). The ZEW surveys from Germany and the Eurozone are due later on Tuesday. Also, the US ADP employment report will be released.

Gold rises cautiously as Fed hike bets, US‑Iran tensions cap gains

Gold regains positive traction following the previous day's two-way price moves, though it struggles to capitalize on the move and trades below the $4,050 level during the Asian session on Tuesday. Despite a cycle of tit-for-tat strikes between the US and Iran, US Secretary of State Marco Rubio said on Sunday that the US was still open to holding talks with Iran, keeping hopes alive for a potential diplomatic resolution to the conflict.

Grayscale eyes Worldcoin ETF launch following S-1 filing

Grayscale filed an S-1 registration statement with the US Securities and Exchange Commission on Monday to launch a Grayscale Worldcoin ETF. The proposed fund, which would trade on Nasdaq under the ticker GWLD, is designed to give investors exposure to Worldcoin through a traditional brokerage account, eliminating the need to buy the token directly.

Here's where the Canadian Dollar is headed next: 4 bearish scenarios and a bullish one

The Canadian Dollar (CAD) has ridden a volatile first half of the year, with Oil prices surging and then falling as markets danced to the Middle East’s tune. Neither the Bank of Canada nor the Federal Reserve has changed rates so far this year, and the USD/CAD's next move may depend on which of the two banks fails to deliver what markets expect.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.