Gold resilient but vulnerable as oil prices drive inflation fears – TD’s Melek
Although gold prices have managed to find some near-term support above $4,600 an ounce, a major Canadian bank says the precious metal remains at the mercy of oil prices, even as its long-term outlook stays bullish.
In his latest note on precious metals, Bart Melek, Head of Commodity Strategy at TD Securities, said that gold is struggling because the oil supply shock—driven by the conflict in the Middle East—is pushing inflation fears higher and forcing central banks to take a more hawkish stance on monetary policy….
Full article at Kitco:
kitco.com/news/article/2026-…
Gold resilient but vulnerable as oil prices drive inflation fears – TD’s Melek Although gold prices have managed to find some near-term support above $4,600 an ounce, a major Canadian bank says the precious metal remains at the mercy of oil prices, even as its long-term outlook stays bullish. In his latest note on precious metals, Bart Melek, Head of Commodity Strategy at TD Securities, said that gold is struggling because the oil supply shock—driven by the conflict in the Middle East—is pushing inflation fears higher and forcing central banks to take a more hawkish stance on monetary policy…. Full article at Kitco: https://www.kitco.com/news/article/2026-04-30/gold-resilient-vulnerable-oil-prices-drive-inflation-fears-tds-melek
