In the first quarter of 2017 gold gained about 9 percent. In April, the yellow metal continued its rally due to the uncertainty about French elections and due to rising tensions about Syria and North Korea. Geopolitical risks clearly won with a hawkish Fed in a tug of war in the gold market. Does it mean more bullish outlook for the gold market?

In this edition of the Market Overview, we will provide investors update on recent fundamental drivers of the gold market. In particular, we will analyze the most important geopolitical developments – such as presidential elections in France, the formal triggering of Brexit and changes in Trump’s stance – and their possible implications for the gold market. We will also examine the macroeconomic front, focusing on the receding ‘Trump rally’ and the Fed’s plans to shrink its balance sheet. How has the medium-term outlook for the gold market changed over the last month?