20 March | Silver | Gold

TD Securities sees weaker dollar as key driver of gold demand this year

TD Securities sees weaker dollar as key driver of gold demand this year

Last year, central banks were the major gold buyers. But now the main driver has switched to dollar depreciation and risk-off sentiment, Daniel Ghali of TD Securities believes.

This year started with the US currency's relentless firming, and financial regulators of countries, wishing to diversify away from the greenback, used this moment to purchase the yellow metal. However, since then, the dollar has weakened, making gold an attractive asset for investors. Its price tends to exhibit an inverse relationship with the US currency and the Fed's interest-rate, the expert explains.

Ghali also denies the relationship between the slump in Bitcoin and the increase in demand for the precious metal. In his opinion, the current outflows from Bitcoin ETFs are only due to a drop in investor interest in risk assets.

In addition, the expert notes favorable market conditions for silver price growth. Due to the structural deficit, silver's price dynamics will soon accelerate, catching up with gold’s performance, Gali believes.

Elena Berseneva MarketCheese
Period: 02.01.2026 Expectation: 740 pips
Central bank policy split drives AUDCAD higher
26 December 2025 52
Brent sell
Period: 09.01.2026 Expectation: 200 pips
Rebound won’t help Brent crude to break out of downtrend
26 December 2025 33
Period: 02.01.2026 Expectation: 1180 pips
GBPUSD set to resume uptrend after holiday break
26 December 2025 45
USDCAD neutral
Period: 28.02.2026 Expectation: 600 pips
Selling USDCAD from 1.4030
26 December 2025 26
Brent sell
Period: 31.01.2026 Expectation: 150 pips
Selling Brent crude down to $60.90
26 December 2025 24
Period: 01.01.2026 Expectation: 362 pips
Natural gas selloff amid ongoing downtrend and weak demand
25 December 2025 49
Go to forecasts