Gold was flat on Monday as fresh Middle East tensions lifted oil prices and a global bond selloff dented risk appetite. Gold has lost its safe-haven status since the war in Iran.
Treasury yields jumped to the highest level since May 2025, after Warsh grapples with an increasingly complicated inflation picture. PPI surprised with the largest increase in 4 years in April.
Trump on Sunday threatened Iran to "get moving," or seemingly face new consequences. He did not detail what exactly the consequences would be, nor what he expects Iran to do in order to avoid them.
While a fragile ceasefire was reached in April, tensions between Iran and the US continue with Tehran keeping the Hormuz waterway mostly closed, while the Trump administration continues to blockade Iranian ports.
Asian gold ETF funds recorded their eighth consecutive month of net inflows in April 2026, adding 11.3 tonnes valued at $1.8 billion. Critically, Asia was the only region that continued recording inflows.
While US consumers appear ready to keep spending for now, warnings signs are flashing. The University of Michigan reported another record low consumer sentiment reading in April.
Asset recap
As of market close on 15 May, among EBC major products, Workday shares led gains t following strong cloud ERP adoption and upbeat enterprise demand.
Micron shares retreated, registering a weekly loss. It is seen as a proxy for AI data-centre spending, which helps drive sales for DRAM, and HBM used with AI chips.
Gold extended its decline amid a broad market selloff triggered by elevated concerns over global inflation. Rising global yields and elevated tensions between the US and Iran weighed on metal prices.
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