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Kevin Warsh’s confirmation hearing to become chair of the Federal Reserve highlighted deep political tensions, legal uncertainty and concerns over the central bank’s independence, with the process likely to extend beyond the end of Jerome Powell’s term. Lawmakers questioned whether Warsh would resist political pressure from President Trump, particularly given ongoing actions such as a Justice Department investigation into Powell and attempts to influence the Fed. Warsh insisted he would remain independent and not cut interest rates at the president’s request, though the broader political environment and procedural delays could complicate his confirmation and prolong uncertainty over Fed leadership.
The hearing also focused on Warsh’s evolving economic stance, as he defended a shift from a traditionally hawkish position on inflation to supporting rate cuts, arguing for a significant overhaul of the Fed’s policy framework. He called for a “regime change” including revising inflation strategy and reducing forward guidance, while suggesting a mix of balance sheet tightening and eventual rate cuts. Senators also scrutinised his personal wealth and potential conflicts of interest, prompting a pledge to divest assets if confirmed. Overall, the hearing underscored how debates over monetary policy, political influence and institutional credibility are increasingly intertwined, with implications for market confidence and future rate decisions. Source
The cryptocurrency market experienced a sharp downturn in the first quarter of 2026, with total market capitalisation falling around 40% from its peak despite Bitcoin holding some support near $60,000 and remaining below $80,000 for several months. Analysts suggest the sector may be entering a “crypto winter”, even though Bitcoin showed relative resilience compared with traditional indices like the Nasdaq and ASX 200.
In contrast, tokenised gold emerged as a strong performer, with its market capitalisation surpassing $5 billion for the first time and growing significantly faster than physical gold. The sector, which expanded by 65% last year, continues to be led by Tether Gold, which holds a dominant market share and saw notable growth in value locked. Industry figures point to increasing institutional interest in digitised real-world assets, although tokenised gold still represents only a small portion of the much larger global gold market, with demand expected to rise further as gold prices remain strong. Source
Image Source: Kitco News
Gold and silver prices rose by midday Wednesday, supported by stronger crude oil prices, slightly lower U.S. Treasury yields and bargain buying following the previous session’s losses. June gold futures climbed to around $4,753 while May silver approached $78, although both metals eased back from earlier highs. External markets showed firmer oil prices near $92.50 a barrel, a slightly stronger U.S. dollar and a benchmark 10-year Treasury yield of about 4.28%.
From a technical perspective, gold bulls are aiming for a move above $5,000, while bears are targeting a drop below $4,500, with nearer resistance and support levels identified between those ranges. Silver shows a similar outlook, with upside resistance around $85 and downside support near $70, as both metals continue to trade within established technical boundaries amid moderate market strength. Source
Gold futures recovered modestly, settling at $4,758 per ounce after a $19 gain, as markets balanced reduced geopolitical tension with ongoing monetary policy concerns. The extension of the U.S.-Iran ceasefire helped prices rebound from the previous day’s sharp losses, even as a stronger dollar limited gains. While the immediate risk of escalation eased and crude oil prices softened, uncertainty remained high given the fragile nature of the ceasefire and continued disruption in key shipping routes such as the Strait of Hormuz.
At the same time, expectations of prolonged higher interest rates weighed on sentiment after Federal Reserve chair nominee Kevin Warsh signalled a firm stance on maintaining policy independence and keeping rates elevated. Despite these pressures, underlying demand for gold remains strong, supported by sustained central bank buying and limited supply growth. Market direction in the near term is likely to depend on geopolitical developments, incoming economic data and the evolving outlook for U.S. monetary policy, with gold continuing to hold firm within a broader consolidation range. Source
Swiss gold exports increased by 30% month-on-month in March, driven by heightened global demand for safe-haven assets amid ongoing geopolitical and economic uncertainty. Shipments to the UK surged to their highest level since December as gold continued to flow back from the United States, reversing earlier tariff-driven movements, while exports to China also rose. In contrast, deliveries to India declined due to subdued local demand, highlighting uneven regional appetite for bullion.
Switzerland, a key global refining and trading hub, has seen volatile gold trade flows over recent months following policy shifts and tariff-related disruptions, particularly involving the US. Analysts note that gold demand is increasingly sensitive to geopolitical tensions, inflation concerns and regulatory signals, with even rumours of trade restrictions capable of triggering sharp market reactions. While gold is widely viewed as a store of value in a fragmented global financial system, its price behaviour has remained volatile, reflecting both safe-haven demand and rapid shifts in investor sentiment. Source
Silver prices are currently holding in a relatively high range between around $78 and $80 per ounce, although Commerzbank warns that this level may not reflect underlying fundamentals. According to Thu Lan Nguyen, Head of FX and Commodity Research at the bank, silver’s fair value is closer to $40 per ounce, suggesting the metal is significantly overvalued when assessed on its own economic drivers.
The bank argues that silver’s recent strength is largely being driven by gold rather than independent fundamentals such as interest rates or the U.S. dollar, with investors treating it as a leveraged play on gold’s safe-haven appeal. Despite this view, Commerzbank does not expect an immediate reversal, as ongoing geopolitical uncertainty and strong central bank demand continue to support gold, which in turn benefits silver. The bank also expects future Federal Reserve rate cuts to lift gold above $5,000 and potentially push silver towards $90 per ounce, even if its standalone valuation appears stretched. Source
The Bank of Russia has sold around 21.8 tonnes of gold since the start of 2026 in an effort to help finance a widening budget deficit, which had reached about 61.2 billion dollars by the end of March. At the same time, Russia’s gold reserves fell to 2,304.76 tonnes as of 1 April 2026, including a drop of 6.22 tonnes in March alone. Domestic demand for gold has surged sharply as the economy continues to feel pressure from prolonged wartime spending, with trading volumes rising more than 350% year on year and total activity reaching 42.6 tonnes, while the weakening ruble amplified the value increase even further. Analysts suggest further reserve sales could continue due to ongoing fiscal strain, higher government spending, and the need to support currency stability, noting that similar actions are seen in other countries facing budget pressures.
Earlier in the year, Russia also sold gold when prices reached record highs, reducing holdings in January while still seeing an overall increase in the value of reserves due to the surge in global gold prices. Despite reduced central bank buying in recent years, Russia remains a major global producer, and its exports to China have risen alongside higher commodity prices and geopolitical uncertainty. Domestic retail demand has also hit record levels as citizens seek to protect savings, while rising prices for other precious metals have boosted revenues for major mining firms linked to the sector. Source
HSBC strategist Rodolphe Bohn says the medium-to-long term outlook for gold remains positive despite short-term volatility driven by geopolitical tensions, particularly in the Middle East. He notes that gold prices have already swung sharply in 2026, falling from about 5,415 dollars per ounce in late January to around 4,400 dollars by late March as risk-off sentiment initially pushed investors towards the US dollar and other safe-haven assets instead of bullion. However, he adds that gold can recover quickly once markets stabilise, as seen after recent de-escalation signals.
Bohn argues that the key support for gold comes from structural factors rather than near-term interest rate cuts. These include persistent fiscal deficits, rising government debt levels, and ongoing central bank demand for diversification, even if official buying has eased from earlier peaks. He also highlights that stagflation risks and high real yields can create headwinds, but are outweighed by longer-term concerns over financial stability and inflation. In addition, shifting supply and demand dynamics are emerging, with weaker jewellery demand but more interest from institutional investors and potential increases in mine output and recycling. Overall, HSBC maintains a bullish medium-to-long term view, while noting that gold’s near-term direction depends heavily on geopolitical developments and energy market stability. Source
Gold prices are holding steady around $4,800 an ounce, with analysts suggesting the market is forming a temporary support level despite ongoing volatility. Standard Chartered expects some near-term pressure driven by geopolitical uncertainty, particularly around the war in Iran, a fragile ceasefire in the Middle East, and persistent inflation concerns. Disruptions such as restricted passage through the Strait of Hormuz are also affecting global supply chains, while shifting investor focus towards real yields has added further headwinds. The bank forecasts gold averaging about $4,605 in the second quarter before rising to around $4,850 in the third quarter.
Despite short-term risks, the longer-term outlook remains positive, with expectations that structural drivers will support a renewed uptrend in the coming months. Inflation fears and weaker economic growth continue to influence sentiment, while gold’s relationship with real yields has shifted significantly since the conflict began. At the same time, speculative positioning has eased and investor demand is improving, particularly through renewed inflows into gold-backed exchange-traded funds. Although liquidity pressures still exist, there are signs of stabilisation, with analysts suggesting gold could eventually retest previous highs as conditions normalise. Source
Agnico Eagle Mines has announced a major expansion in Finland through a series of transactions that will give it control of the Central Lapland Greenstone Belt, positioning the company as the dominant gold producer in northern Europe. The group is acquiring Rupert Resources for around C$2.9 billion in shares plus a contingent value right of up to C$3.00 per share, a deal representing a 67% premium to Rupert’s previous closing price. In parallel, it will purchase Aurion Resources for about C$481 million in cash and acquire B2Gold’s 70% stake in the Fingold joint venture for US$325 million, bringing the total value of the combined deals to close to C$4 billion.
The key asset in the package is Rupert’s Ikkari deposit, which contains around 3.5 million ounces of gold and sits near Agnico’s existing Kittilä mine, itself a long-running operation with about 3.3 million ounces in reserves. By combining these adjacent land packages, Agnico expects to create a consolidated mining district with significant operational synergies across infrastructure, permitting and workforce resources. The strategy reflects a broader industry trend of major gold producers acquiring long-life assets in stable jurisdictions as new discoveries become harder to find, with the deal expected to complete in early Q3 2026 subject to approvals. Source
Gold’s role as a safe-haven asset remains intact despite recent volatility linked to the Iran conflict, according to analysts at Heraeus, who argue that while short-term price swings have been influenced by geopolitical shocks and speculative trading, the long-term investment case for gold is unchanged. They note that gold experienced sharp fluctuations during early military tensions, with prices falling alongside equities before recovering as ceasefire expectations improved, highlighting how technical trading and momentum strategies have recently amplified moves that do not always align with traditional “flight to safety” behaviour. Even so, they maintain that gold continues to preserve purchasing power over time and remains attractive to central banks, institutions and long-term investors.
The report also points to supportive macroeconomic conditions, with the US Federal Reserve expected to maintain a relatively dovish stance despite rising inflation, as much of the price pressure is being driven by external factors such as energy costs linked to geopolitical instability. At the same time, record gold prices are encouraging higher exploration spending, with budgets rising by 11% to $6.15 billion, mainly focused on expanding existing mines rather than riskier new projects, which could create future supply constraints. Silver is following a similar trend, with exploration activity and investment demand increasing, particularly in India where imports have surged sharply, while both metals continue to benefit from strong pricing and ongoing global economic uncertainty. Source
The US dollar strengthened as markets reacted to ongoing uncertainty surrounding the US-Israeli conflict with Iran, with renewed tensions in the Strait of Hormuz and continued disruptions to the energy market keeping investors cautious. While there have been intermittent hopes of a diplomatic breakthrough, the situation remains unstable, leading to fluctuating sentiment across currency markets. The dollar index rose modestly, while the euro and Japanese yen both weakened slightly against the US currency as traders weighed the economic risks of prolonged geopolitical instability.
At the same time, expectations for central bank action have shifted towards a more cautious stance, with markets now pricing in a low probability of US interest rate cuts in the near term due to concerns that the conflict could fuel inflation. Officials including US Treasury representatives have signalled a “wait and see” approach, and major central banks such as the Federal Reserve, European Central Bank, Bank of Japan, Bank of England and Bank of Canada are all expected to hold steady at upcoming meetings. In broader markets, cryptocurrencies also rose, with Bitcoin and Ethereum posting gains amid increased volatility and risk appetite fluctuations. Source
Disclaimer: These articles are provided for informational purposes only, mistakes may be made, and they are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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