Analyzes

The Australian Dollar (AUD) rode a rollercoaster in the first half of the year, hitting a four-year high and then correcting.

The week in one sentence. Speculators rebuilt their bearish conviction in JPY and EUR, kept selling AUD, and continued covering GBP, while WTI delivered the cleanest positive turn as both positioning and price moved sharply higher.

Silver’s spectacular rise and brutal collapse in 2026 may look like the classic boom and bust story. But the metal’s rollercoaster ride is more complex: Silver was caught in the crossfire of the Iran war as investors fled precious metals, the US Dollar strengthened and rate-cut expectations faded.

Gold is nursing heavy losses incurred on Thursday, keeping its range near $4,050 early Friday. Despite the recent retracement, Gold remains on track to register its first weekly gain in three.   

One month ago, this column left an open question hanging. The iceberg that drove the spring Gilt sell-off was drifting away, the credibility premium was the only layer Westminster could actually steer, and nobody knew how big the new government would let it grow.

After hitting a weekly peak of $4,165 on Wednesday, Gold turned south and currently changes hands at around $4,050 a troy ounce. The US Dollar (USD) resumed rallying on the back of inflation fears linked to the escalation of the Middle East conflict.