Earnings remain in the spotlight, with notable gains in the banking sector, while Tesla tumbled amid US policy headwinds. The European Central Bank left interest rates unchanged and offered a modestly upbeat assessment of the eurozone economy, raising doubts among investors about further policy easing, even while US tariff threats still cloud the outlook. This pushed yields higher and weighed on gold. Tim Gagie, Head of FX/PM Private Banking in Geneva, explains why the precious metal has consolidated since Liberation Day, and why he agrees with the consensus view of higher prices for metals.

• (00:00) - Introduction: Helen Freer, Investment Writing

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