Analyst: Despite recent weak performance, gold is still expected to have catalysts.

Alexandra Symeonidi of William Blair & Company stated in an email that despite recent weak performance, gold still has catalysts. She said that although the yellow metal has underperformed so far this year, it remains a diversification tool for structural reserves, even amidst escalating geopolitical uncertainty. Following sell-offs in March, central banks around the world became net buyers of this precious metal in April. She added that gold's ETF positions and speculative interest are at low levels compared to early 2026. She said, this is a "fairly important source of demand that could fuel a new round of rebound once the more explicit Fed easing signals are reactivated." William Blair & Company maintains a constructive view on the medium-term outlook for gold. Spot gold fell 1.3% to $4,204.15 per ounce.