BNY Head of Markets Macro Strategy Bob Savage notes Gold remains elevated above $5,000 as it continues to correlate positively with equities, supported by Dollar weakness. However, weekend headlines on continued Iran–U.S. talks and hopes for a March Ukraine deal have limited geopolitical risk premia in precious metals and energy. This relative calm is seen as helping keep volatility contained and supporting further equity buying.

Precious metals with equities correlation

“Gold and equities continue to correlate positively, with the yellow metal over $5k today.”

“USD weakness is adding to the mix.”

“The weekend’s news on a continuation of Iranian talks with U.S. and hopes of a March Ukraine deal kept the geopolitical support for precious metals and energy in check.”

“This relative calm will be significant in keeping volatility in line for more equity buying.”

“A focus on alternatives and on the role of cash on the sidelines pushing the momentum trade will remain key.”

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