Lower bond yields and a softer U.S. dollar in recent weeks have failed to spark fresh momentum in gold, according to BMI, a unit of Fitch Solutions.

In its latest report, BMI noted that although trade uncertainties and geopolitical tensions have eased, gold prices remain resilient and are “reluctant to collapse.” The firm revised its 2025 annual average forecast to $3,250/oz, up from $3,100/oz previously, and maintains a neutral-to-slightly bullish stance for the remainder of the year.

BMI expects prices to stay elevated in the near term as markets anticipate a Federal Reserve rate cut. However, it cautions that most of the upside may already be priced in, limiting gains post-cut.

At last check, spot gold was down 0.2% at $3,341.96/oz.