Gold Price Forecast: XAU Holds Above $4,670 as Trump Revives Fort Knox
Gold prices steadied near $4,670 as the latest Gold price forecast turned more constructive. On Friday, XAU briefly climbed above $4,720/oz (its highest since April 22) and was set for a weekly gain of more than 2%. By Monday, 11 May, gold traded around $4,673.81.
The move followed a rebound in sentiment after easing US–Iran tensions. An earlier exchange of fire did not expand into a wider conflict, and Trump publicly said the ceasefire remained “in effect”. With energy markets calming, oil prices (Brent and WTI) pulled back from recent highs, helping reduce near-term inflation worries—an important driver for gold because tighter policy expectations typically weigh on non-yielding assets.
Markets also digested a stronger US jobs report. Payrolls rose 115,000 in the latest month versus 62,000 expected, while unemployment held steady. Normally, stronger employment can pressure gold via expectations of higher rates, but traders appeared more focused on geopolitical stabilization and cooling energy-linked inflation fears—supporting the broader Gold price forecast narrative.
A key catalyst came from President Donald Trump’s comments about Fort Knox reserves. In an interview, he said he wanted to “knock on their door” to personally verify the gold is still in the vault, reviving debate over the US Bullion Depository. The US Mint has said Fort Knox holds over 147 million fine troy ounces, and the Treasury says audits account for all gold.
For traders, this combination—ceasefire reassurance, softer energy pricing, and renewed scrutiny of bullion storage—keeps risk sentiment tied to macro and geopolitics, with gold momentum stabilizing after a sharp mid-cycle selloff.
Neutral
Gold is stabilizing on easing geopolitical risk and softer energy-linked inflation pressure, but the US jobs report is also solid enough to keep rate-risk from disappearing. For crypto, this tends to be a mixed macro signal: less tail-risk from geopolitics can support risk assets, yet renewed focus on inflation/interest-rate expectations can cap speculative inflows. Historically, when gold firms alongside calmer oil (often after ceasefire or de-escalation headlines), traders typically reduce hedging demand and wait for clearer rate signals—often leading to range-bound crypto volatility rather than a one-way breakout. In the short term, traders may watch gold for momentum and risk sentiment cues; in the long term, the key driver remains whether inflation expectations continue to cool and whether central banks can avoid further tightening. The Fort Knox comments are largely headline-driven for bullion sentiment and are unlikely to change crypto fundamentals directly.