Saxo Bank: Gold's bull market continues despite recent declines

Saxo Bank believes gold's bull market is far from over, despite a three-month decline, citing central bank buying and global debt as key supports. The bank points to sustained central bank gold purchases, rising global debt, accelerating de-dollarization, and strong Chinese demand as fundamental drivers for gold prices. While geopolitical tensions and energy price shocks have pressured gold recently, these factors are seen as temporary, with long-term structural forces expected to reassert themselves.