Beyond Trade Wars: The Overlooked Factors Driving Gold’s Volatility

While trade tensions dominate headlines, gold traders are quietly monitoring three underappreciated forces that could spark the next major move:

1. Central Bank Demand:

• Turkey secretly added 27 tonnes in Q1

• Poland’s 100-tonne purchase program

• China’s “non-reportable” accumulation

2. Physical Market Stress:

• COMEX inventories at 2016 lows

• London lease rates spike to 0.8%

• Indian wedding season demand +22%

3. Geopolitical Wildcards:

• Taiwan semiconductor export controls

• Russian gold sanctions loopholes

• Venezuela’s CITGO gold showdown

Expert Warning:
“These structural factors could overwhelm short-term trade noise,” warns former LBMA chair Paul Fisher. “The physical market is tighter than paper prices suggest.”