D uring the relief rally staged by markets after the U.S.-China trade deal, the price of gold faltered and now stands 5% below its peak set in the first week of May. Steepening futures contracts ...

The red line marks the final rate hike, while the blue line marks the first rate cut (in that cycle). Focus on the gold to S&P 500 ratio, stock market peaks (black arrows), and the yield curve.

Where gold is concerned, a steepening yield curve is historically beneficial, as in the 2000-2003 phase and more often than not, from 2007 to 2011. This is in line with several other of our indicators ...

What a steepening gold futures curve says about demand for the yellow metal Provided by Dow Jones May 13, 2025, 9:43:00 AM. By Jules Rimmer .