Safe Haven Baseline

The 'war premium' has largely dissipated, but gold is now trading on its merits as an inflation hedge. With energy costs still historically high, long-term investors are maintaining core positions despite the diplomatic breakthroughs in Islamabad.

Central Bank Activity

Preliminary data for May suggests that several Asian central banks have resumed physical purchases following the mid-week price dip, providing a secondary layer of support for the $4,500 psychological level.