Joe Cavatoni: Gold Price Staying Strong, Top Drivers I'm Watching Now

Joe Cavatoni of the World Gold Council says gold’s resilience since the Iran war began is a constructive sign for the metal’s longer-term trajectory. He argues that the price action shows underlying strength rather than a simple crisis spike, with gold continuing to hold up even as some of the immediate geopolitical panic has eased. The two main variables he is watching are persistent volatility and central bank demand. Cavatoni said volatility may look calmer day to day but is still “lurking there,” which supports gold as a portfolio hedge. He also pointed to central banks as a key signal for the market, implying that official-sector buying remains an important support for the bull case.