Gold Sell-Off Sharp After Record Highs, ING Says Slower Grind Higher

ING’s Commodities Strategist Ewa Manthey reported that gold has experienced a sharp sell-off following recent record highs. The decline is attributed to pressure from rising Treasury yields, a strengthening US dollar, and weakening demand from ETF investors.

According to Manthey, gold price forecasts have been reduced in light of these headwinds. However, the outlook still points to a slower grind higher over time, suggesting the sell-off may be seen as a correction rather than a trend reversal.

The note underscores the interplay between macro factors and gold’s safe-haven appeal, with yields and currency moves currently dominating short-term price action.