Dollar Weakness Supports Gold; Focus on Warsh Speech

This item signals that gold's current bid is tied more to currency dynamics than to standalone safe-haven demand, making the dollar's trajectory the key variable. The focus on Warsh's speech suggests the market is positioning for potential policy commentary that could shift rate expectations, which would directly alter the dollar's appeal and, by extension, gold's support. Watch whether the speech reinforces or challenges the prevailing depreciation narrative, as that will likely determine if gold's near-term strength has legs or is merely reactive.