Will US10Y yield impact gold's appeal?

GOLD

4,195.80

$/oz

▼ -28.30 (-0.67%)

SILVER

65.38

$/oz

▼ -0.87 (-1.32%)

PLATINUM

1,667.30

$/oz

▼ -37.90 (-2.22%)

PALLADIUM

1,260.50

$/oz

▼ -14.00 (-1.10%)

COPPER

6.35

$/lb

▼ -0.02 (-0.36%)

GOLD MINERS INDEX

687.06

pts

▼ -16.65 (-2.37%)

SPDR GOLD ETF

383.61

$/sh

▼ -3.51 (-0.91%)

SILVER ETF

59.15

$/sh

▼ -0.36 (-0.61%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

101.02 pts

▲ 1.48 (+1.49%)

headwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.51 %

▲ 0.08 (+1.87%)

headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,473.67 pts

▲ 42.21 (+0.57%)

headwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

64,619.53 USD

▲ 1723.06 (+2.74%)

positive for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

73.60 $/bbl

▼ 2.45 (-3.22%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.14

▼ 0.02 (-1.41%)

negative for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Morgan Stanley Says Gold’s Path to $5,200 Hinges on ETF Demand

Gold's trajectory toward the bullish target of $5,200 per troy ounce is increasingly dependent on a significant rebound in ETF demand. Without a resurgence in inflows into gold ETFs, the path to this ambitious price target becomes more complicated. Current market dynamics suggest that investor sentiment is crucial; as ETF holdings are a key indicator of broader market interest in gold. A lack of strong inflows could signal waning confidence among investors, which would likely exert downward pressure on gold prices. Additionally, we must consider that ETF demand often correlates with macroeconomic factors such as inflation and geopolitical tensions. If these factors do not align favorably, the anticipated bullish scenario may falter. Furthermore, central bank policies and interest rates will continue to play a pivotal role in shaping investor behavior towards gold. As yields rise, the opportunity cost of holding non-yielding assets like gold increases, potentially dampening demand. Therefore, investors should closely monitor ETF flows as a critical barometer for gold's price movements in the coming months. The interplay between these elements will ultimately determine whether gold can achieve its lofty price target.

Goldman Cut Its Gold Target. JPMorgan Didn’t. Here’s What the $1,400 Gap Tells You.

Goldman Sachs has reduced its year-end gold forecast to $4,900, while JPMorgan and Wells Fargo have maintained their positions, indicating a significant $1,400 divergence in outlook among major financial institutions. This disparity reflects contrasting views on gold's intrinsic value and its role as a hedge against economic uncertainty. The bearish sentiment from Goldman suggests a potential shift in market dynamics, possibly influenced by rising interest rates and a stronger dollar, which typically exert downward pressure on gold prices. Conversely, JPMorgan's steadfast stance may indicate confidence in gold's ability to retain value amid ongoing inflationary pressures and geopolitical tensions. Investors should note that such a wide gap in forecasts can lead to increased volatility in gold markets as traders react to differing expectations. Central bank demand remains a critical factor, as any shifts in policy or reserve strategies could further influence gold's appeal as a safe haven. Additionally, ETF flows will be crucial to monitor, as significant inflows or outflows can signal changing investor sentiment. The current environment suggests that while some analysts are bearish, others see gold as a vital asset in uncertain times. Overall, the contrasting forecasts from these banks highlight the complexities of the gold market and the need for investors to remain vigilant in their strategies.

Buy Gold Stocks as Valuations Are Cheap Amid Macro Tension: BofA

Gold equities are currently attractively valued, presenting a compelling opportunity for investors despite the near-term headwinds facing bullion. A hawkish Federal Reserve is exerting upward pressure on interest rates, which typically weighs on gold prices as higher yields diminish the appeal of non-yielding assets. Additionally, a stronger dollar further complicates the landscape for gold, as it makes the metal more expensive for holders of other currencies, thereby dampening demand. However, analysts at Bank of America suggest that the share prices of gold stocks are not reflecting the current spot levels of gold, indicating a disconnect that could lead to potential upside for equities in the sector. This valuation gap suggests that while gold may face immediate challenges, the underlying fundamentals for gold stocks remain robust. Investors should note that macroeconomic tensions can often drive safe-haven demand for gold, which could provide support in the longer term. Central bank policies and geopolitical uncertainties continue to play a significant role in shaping market sentiment, and these factors could lead to increased interest in gold as a hedge. As we navigate this complex environment, the potential for gold equities to outperform may become more pronounced, especially if bullion prices stabilize or rebound. In summary, while gold faces short-term pressures, the attractive valuations of gold stocks present a strategic opportunity for investors looking to capitalize on future price movements.

Gold Exchange Universe Expands Authorised Network to Serve Consumer Sellers and Sydney’s Trade Gold Market Across Australia

Gold prices are influenced by a variety of factors, and the recent expansion of the Gold Exchange Universe's authorized network across Australia is a significant development. This initiative enhances accessibility for consumer sellers and trade buyers, which could lead to increased liquidity in the gold market. The introduction of advanced gold testing technology, such as XRF analysis and commercially sealed certified weights, ensures that transactions are transparent and trustworthy, potentially attracting more participants to the market. As private sellers and various industries, including jewellery and electronics recycling, engage more actively in gold transactions, we may see fluctuations in supply dynamics. Furthermore, the application of live international spot rates at the moment of transaction could create a more responsive pricing environment, aligning local prices with global trends. This increased engagement in the gold market may also influence investor sentiment, as a more robust trading ecosystem can bolster confidence in gold as a store of value. Additionally, as the market becomes more accessible, we could see shifts in ETF flows, with more investors potentially reallocating funds into gold-backed assets. Overall, these developments suggest a growing recognition of gold's value, which could support prices in the face of ongoing economic uncertainties. Investors should remain vigilant about how these changes might impact gold's role in their portfolios, especially in light of broader macroeconomic trends.

Conquest Resources | TSX-V: CQR

• Mineral exploration company focused on high-grade massive sulphide copper in Ontario.

• Flagship Belfast Teck-Mag project centred on the Temagami Magnetic Anomaly.

• Alexander Gold project within 2km of Goldcorp's Red Lake Mine.

• Four projects across Ontario targeting copper, gold and uranium.

Find out more →

Today's Interesting Company News

Great Atlantic Begins Targeted Phase II Trenching Program at 100% Owned Golden Promise Property

(TSXV: GR) Great Atlantic Resources Corp. announced that its wholly-owned subsidiary, Golden Promise Mines Inc., has commenced its targeted 2026 Phase II trenching program at the Company's 100% owned Golden Promise Property, central Newfoundland. Up to five trenches are planned during this 2026 Phase II trenching program with planned maximum trench lengths of 150 meters. Gold geochemical anomalies (soil and rock samples) are reported in this target area, including two quartz vein float samples reported to return gold values of 168 parts per billion (ppb) and 109 ppb, and a siltstone float sample reported to return 431 ppb gold (0.431 grams / tonne). Anomalous soil samples from this target area included a sample reported to return 194 ppb gold. The 2026 Phase II trenching program is being conducted approximately 2 kilometers northwest of the Otter Brook gold occurrence. The Golden Promise Property is located approximately 50 kilometers northeast of the Valentine Gold Mine of Equinox Gold Corp. The company projects further updates as results become available.

RZOLV Technologies Completes NRC IRAP-Supported R&D Project for Non-Cyanide Gold Extraction Technology

(TSXV: RZL) (OTCQB: RZOLF) RZOLV Technologies Inc. announced that its wholly owned operating subsidiary, Innovation Mining Inc., has completed its first research and development project supported by the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). Innovation Mining received advisory services and funding from NRC IRAP to support a research and development project focused on the Company's proprietary RZOLV™ non-cyanide gold extraction technology. The completed work included bench-scale evaluation of electrochemical regeneration, reagent-management approaches, and process-control conditions. As a result of the project, the Company has expanded its internal technical capabilities through the addition of two full-time employees to its laboratory team. The project generated internal technical information to support continued process development but did not include commercial-scale demonstration or a determination of commercial performance. The Company intends to continue development work through Innovation Mining, including further technical validation, process optimization, pilot-scale activities, and strategic commercial engagement related to the RZOLV technology platform.

Enduro Metals Outlines 2026 Exploration Program on Newmont Lake Project, British Columbia Initial 3,000 Metre Drill Program at the Andrei Copper-Gold Porphyry Target

(TSXV:ENDR) Enduro Metals Corporation announced its planned 2026 exploration program at the company's 100%-owned Newmont Lake Project, located in British Columbia's Golden Triangle. The 2026 program will focus on the Andrei copper-gold porphyry target, with an initial phase one 3,000 metre diamond drill program and mobilization of the drill rig expected by July 2026. The drill program will comprise up to seven drillholes, each up to 500 metres in length, for a minimum of 3,000 metres, targeting coincident chargeability and magnetic geophysical anomalies. The company will also undertake an expanded induced polarization (IP) geophysical survey, as well as geological mapping and sampling at the FK and Southmore targets, and prospecting at the Camp Zone. The Newmont Lake Project covers 688 square km and includes five large target areas, with historical drilling at the Camp Zone returning intercepts of up to 43.9 g/t Au over 2.7 metres and sampling in 2025 returning up to 113 g/t Au with 142 g/t Ag. The company projects that drill testing of Andrei is expected to begin in July 2026 and that the 2026 program is fully funded. Enduro's 2025 sampling at Andrei found that 25% of rock samples exceeded 0.1% copper.

McFarlane Intersects 155 Metres of 0.59 G/t Gold

(CSE: MLM, OTC: MLMLF) McFarlane Lake Mining Limited announced further results from its diamond drilling exploration campaign at its 100%-owned Juby Gold Project, located west of Gowganda, Ontario, within the southern part of the Abitibi Greenstone Belt. Drilling at the Golden Lake Zone has extended the mineralized envelope south of and below the current resource pit shell, with Hole GL26-84 intersecting 155 m of 0.59 g/t gold, including 75.8 m of 0.70 g/t gold, and Hole GL26-85 intersecting 92.7 m of 0.64 g/t gold. The Juby Gold Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and 3.17 million ounces of gold in the Inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). A sensitivity analysis at a gold price of US$3,750 per ounce resulted in an Indicated Mineral Resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an Inferred Mineral Resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes). The company is planning a preliminary economic assessment later this year and expects to extract a 50,000-tonne bulk sample in 2027. McFarlane is currently working to update its Mineral Resource Estimate, with a new MRE expected within the next 3 to 4 weeks. Additional holes at Golden Lake have been completed and are awaiting assays, and follow-up drilling has resumed at the 826 Zone.

Omai Gold Reports Positive Metallurgical Testwork at Its Omai Project With Gold Recoveries From 93% to 95%

(TSXV: OMG) (OTCQB: OMGGF) Omai Gold Mines Corp. announced results from its first phase of metallurgical testwork on the Wenot and Gilt deposits at its 100% owned Omai Gold Project in Guyana, South America. High gold extraction was achieved with 93% gold extraction at 1.0 g/t Au and up to 95% at 3.2 g/t Au, using a material grind size of 80% passing 75 microns. The April 14, 2026 Mineral Resource Estimate (MRE) reported Wenot Indicated MRE increased 49.8% to 1,453,000 ounces of gold at an average grade of 1.59 g/t Au in 28.4 million tonnes, and Wenot Inferred MRE increased 7.6% to 3,999,000 ounces at 1.35 g/t Au in 92.4 million tonnes. Gilt's Inferred MRE increased 120% to 1,465,000 ounces averaging 3.22 g/t Au in 14.2 million tonnes, while the Indicated MRE decreased by 9.5% to 1,042,000 ounces at 3.33 g/t Au in 9.7 million tonnes. The company has completed five NI43-101 Mineral Resource Estimates, each being successively larger, and five diamond drills are well advanced on a 50,000m program for 2026. The company projects delivering the Preliminary Economic Assessment (PEA) in the next 4 to 6 weeks and plans an updated PEA for Q3 2026 to include the expanded Wenot open pit and Gilt underground deposits. The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 2005, and the site benefits from existing infrastructure including an on-site airstrip and road connections to Georgetown and Linden.

Midnight Sun Mining | TSXV: MMA | OTCQX: MDNGF

• Active drilling at Dumbwa, a 20km copper-in-soil anomaly in Zambia's prolific Copperbelt, geologically analogous to Barrick's Lumwana Mine.

• Latest results: 93m @ 0.40% Cu, 80m @ 0.39% Cu, 44m @ 0.53% Cu.

• Deposit now extends over 5.3 km and remains open.

• Kazhiba Main oxide copper: 2.33Mt @ 1.41% Cu maiden resource.

• Near-term production pathway advancing.

Explore further →

Magna Mining Intersects 29.7% Copper Equivalent Over 3.4 Metres, Consisting of 9.4% Copper, 2.3% Nickel, 19.8 G/t Gold and 8.8 G/t Platinum + Palladium Within the R2 Footwall Zone at the Levack Mine in Sudbury, Ontario

(TSXV:NICU) (OTCQX:MGMNF) Magna Mining Inc. announced results from ongoing exploration and provided an update on activities at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, Ontario, Canada. Recent drilling in the R2 Footwall Zone intersected significant copper-rich massive sulphide veins, including 9.4% Cu, 2.3% Ni, 28.7 g/t Pt+Pd+Au, and 52.9 g/t Ag (29.7% CuEq) over 3.4 metres from 958.2 metres down hole in hole MLV-26-14A W2. Additional highlights include 22.5% Cu, 1.4% Ni, 49.9 g/t Pt+Pd+Au, and 135.0 g/t Ag (43.9% CuEq) over 1.1 metres in hole MLV-26-14A W3, and 26.2% Cu, 0.1% Ni, 19.8 g/t Pt+Pd+Au, and 82.0 g/t Ag (30.4% CuEq) over 0.4 metres in hole MLV-26-41. Fourteen drillholes have targeted the R2 Footwall Zone to date, all intersecting copper and precious metals-rich mineralization. The company’s common shares will begin trading on the Toronto Stock Exchange (TSX) at market open on Tuesday, June 23, 2026, and will be delisted from the TSX Venture Exchange at that time. Magna Mining projects a restart decision for Levack Mine in the second half of 2026 following completion of the Levack Preliminary Economic Assessment (PEA) in Q3.

Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq From 45.4 Mt at 0.79 G/t – Grades Above Global Heap-Leach Average & Highest Grades at Surface

(TSXV: ZAC OTCQB: ZCTSF) Zacatecas Silver Corp. announced an increase in the updated Mineral Resource Estimate at the Esperanza Gold Project, effective April 6, 2026. The updated Pit-Constrained Measured & Indicated Mineral Resource is 45.4 Mt @ 0.79 g/t AuEq (0.76 g/t gold and 8.5 g/t silver) for 1.15 Moz AuEq (1.11 million ounces gold and 12.37 million ounces silver), representing a 21% increase in M&I AuEq ounces and a 49% increase in M&I tonnes versus the December 2022 MRE. The Inferred Mineral Resource is 11.2 Mt @ 0.57 g/t AuEq (0.53 g/t gold and 11.2 g/t silver) for 206 koz AuEq (190 thousand ounces gold and 4.02 million ounces silver), with tonnes up 28% versus the prior MRE. The Measured Mineral Resource category is 12.85 Mt @ 0.89 g/t Au, representing the most densely drilled and near-surface material. Metallurgical work supports 75% gold and 25% silver recoveries via heap leach, with a low 0.13 g/t AuEq cut-off. The company projects that the PEA will aim to quantify a low-capex and lower-cost operation, with mineralization remaining open at depth and along strike.

Radisson Continues to Extend Scope of Gold Mineralization at the O'Brien Gold Project With Latest Drill Results

(TSXV: RDS) (OTCQX: RMRDF) Radisson Mining Resources Inc. announced new assay results from its 100%-owned O'Brien Gold Project located in the Abitibi region of Québec. The company reported that drill hole OB-26-378W3 intersected at least five separate zones of classic O'Brien gold mineralization at 1,720 metres vertical depth, with highlights including 4.06 g/t Au over 13.1 metres, 23.79 g/t Au over 1.0 metre, and 8.43 g/t Au over 4.2 metres. OB-26-385W3 intersected 178.69 g/t Au over 1.1 metres and 20.93 g/t Au over 1.0 metre, while OB-26-377W5 returned 7.00 g/t Au over 4.3 metres including 25.42 g/t Au over 1.0 metre. The ongoing step-out drill program was expanded in October 2025 to 140,000 metres with eight drill rigs currently active. The March 2026 Mineral Resource Estimate utilizes a 2.20 g/t Au bottom cutoff, a US$2,500 gold price, a minimum mining width of 1.2 metres, and a 60 g/t Au upper cap on individual assays. The company projects that significant exploration potential exists to depths of 2.5 kilometres and that such mineralization might reasonably be expected to be developed. The historic O'Brien mine produced over half a million ounces of gold at an average grade exceeding 15 g/t Au and over a vertical extent of at least 1,000 metres.

Hannan Commences Drilling at High-Grade Gold Project Stavaträsk, Sweden

(TSXV: HAN) Hannan Metals Limited has mobilized a diamond drill rig and commenced drilling at the Stavaträsk gold project in the Skellefteå district of northern Sweden. The initial program comprises 6 to 8 holes averaging 120 to 200 metres in depth, for a total of approximately 1,000 metres, with a second 1,000-metre program planned immediately following review of initial assay results within 2-4 weeks. Previously disclosed surface sampling returned outcrop grades of up to 93 g/t Au and 24 g/t Ag, and a boulder field located 650 m southeast of the outcrop with grades up to 11.2 g/t Au, 154 g/t Ag and 2.43% Cu. The first pass drill program is designed to test subsurface extensions of these two primary areas of mineralization at surface over 650 m strike. The project occupies a strategic position on the Vidsel-Röjnoret Shear System (VRSS), the same regional-scale terrane boundary that hosts Boliden. The company projects a follow-up electromagnetic (EM) survey is expected to be an effective tool to trace the system under cover along strike and down-dip, informing subsequent drilling. Previsto in Peru remains the company's flagship project and primary focus, with maiden drilling planned in 2027.

Barton Gold Commences Pre-Feasibility Study for Tunkillia Project

(ASX: BGD) (OTCQB: BGDFF) Barton Gold has appointed GR Engineering Services to lead a pre-feasibility study (PFS) for the Tunkillia gold project in South Australia. Barton has multiple work programs planned, including an expanded Phase 2 campaign comprising 60,000 metres of reverse circulation drilling and 3,000m of diamond work scheduled for September. The Tunkillia optimised scoping study (OSS) released in May 2025 outlined potential production of approximately 120,000 ounces gold and 260,000oz silver annually, generating $1.75 billion operating profit during the first 27 months. Earlier this month, Barton added 10,500m to the planned Phase 2 upgrade campaign. Barton expects to complete the PFS in the first quarter of 2027. Interim analysis of assays from the Area 51 optimised open pit identified potential to extend the project’s mineralisation, increase the mineral resource estimate and increase the grade profile and classification of both starter pits. The results of the expanded drilling programs will feed into the PFS to inform the mining lease application and project finance discussions scheduled for next year.

Roxmore Resources | TSX: RMO

• 5.57Moz Au M+I resource at Converse, one of the largest undeveloped gold projects in the US not owned by a major.

• Located on Nevada's prolific Battle Mountain trend alongside some of the world's biggest gold mines.

• PEA filed June 2026.

Check it out →

For informational purposes only.

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