Fed Pause Keeps Systematic Gold Demand Supported, TD Says

TD Securities strategists Ryan McKay and Bart Melek said the Federal Reserve’s pause is keeping systematic demand for gold supported.

They noted that CTA net long positioning in the metal is becoming more entrenched. The update also referenced discretionary demand, indicating the bank is tracking both trend-following and investor flows.

The tone suggests gold’s systematic bid remains intact while the Fed stays sidelined, though no specific price forecasts were provided.