Gold had another choppy week, dipping hard midweek before finding its footing and rebounding as the US dollar softened and safe-haven interest returned. In the report below, we break down the Fed-driven pressure on prices, how easing US Iran tensions cooled oil and inflation fears, and why India’s record import duty hike could reshape physical demand and flows in the months ahead.

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.