Max Baecker, president of American Hartford Gold, says Middle East tensions are complicating the gold outlook, even as central bank buying supports demand. He argues higher energy prices could fuel inflation and tighter monetary policy expectations, strengthening the dollar and weighing on gold, which is why gold does not always rise during a geopolitical crisis. He notes central bank buying has roughly doubled from its pre-2022 average, and the People's Bank of China has increased its gold reserves for 23 consecutive months, with Chinese net gold imports reportedly reaching 316 tonnes in the first quarter. In the near term, he says the Fed sets the pace of gold's moves rather than its direction.
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Related tickers and likely impact
PAXG/USDT
• NeutralPAX Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/25/2026 | 4,010.98 |
| Change that session | +0.17% |
XAUT/USDT
• NeutralTether Gold
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.2B |
| Close on 10/25/2026 | 3,999.80 |
| Change that session | +0.14% |
XAU/USD
• NeutralRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
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