Capital Economics sees gold easing as Fed hikes and AI-boom fears fade

The split between Capital Economics and TD Securities is the real signal here: both see downside pressure, but they disagree on the cause, with one pointing to continued Fed hikes and the other to Fed uncertainty itself. That distinction matters because it implies gold's near-term direction hinges less on the AI narrative than on how the rate path resolves, and the two forecasts would diverge sharply if the Fed's next move surprises either way. Whether the AI-fear unwind proves temporary, as Capital Economics assumes, is the open question that decides which view holds.