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Laos to Upgrade National Road No. 12 in 2025, Enhancing Thailand-Vietnam-China Trade Link

Upgrading Laos' National Road No. 12 to boost regional connectivity and trade between Thailand, Laos, Vietnam, and southern China. (Photo: Wikipedia)

Laos will begin upgrading National Road No. 12 in late 2025. The project, expected to take around 30 months, aims to improve the 147-kilometer highway that links Thailand, Vietnam, and southern China.

Construction will start after the rainy season in 2025, beginning from Thakhek district, near Thailand’s Nakhon Phanom border checkpoint. The road will pass through Yommalath and Boualapha districts and end at the Na Phao border checkpoint, connecting to Vietnam’s Cha Lo checkpoint in Quang Binh Province.

On 22 May, the Lao Ministry of Public Works and Transport signed contracts with the construction company. The project is split into two parts: the first covers the 61.5 kilometers from Thakhek to Yommalath Junction; the second covers the remaining 86 kilometers to Na Phao.

Thailand’s Neighbouring Countries Economic Development Cooperation Agency (NEDA) is funding the project with a low-interest loan of THB 1.8 billion (about USD 49.3 million) at 1.75 percent interest annually. The loan comes with a 30-year repayment period and a seven-year grace period.

The agreement requires at least half of the project’s materials and equipment to come from Thailand, with Thai contractors and supervisors leading the work.

When finished, National Road No. 12 will meet Asian Highway standards and improve transport and border facilities along the route. The road supports trade and travel between Thailand, Laos, Vietnam, and southern China, especially connecting to Nanning City in Guangxi Province.

Emirates Launches New Flights to Shenzhen, Da Nang, Siem Reap

Emirates, the popular Middle Eastern airline, is expanding its presence across Asia by launching three new destinations: Shenzhen in China, Da Nang in Vietnam, and Siem Reap in Cambodia. 

According to the company’s website, these new services will begin in June and July of this year.

Starting 1 July, Emirates will become the first Middle Eastern carrier to offer daily non-stop flights to Shenzhen, China’s southern tech hub. This route will complement the airline’s existing services to Beijing, Shanghai, and Guangzhou, increasing its mainland China destinations to four.

In Southeast Asia, Emirates is boosting connectivity with two new routes linking Da Nang and Siem Reap to Dubai via Bangkok. 

Flights to Da Nang will commence on 2 June, operating four times weekly, while Siem Reap flights will launch on 3 June, running three times a week.

These routes are tailored to meet growing demand for leisure travel to Vietnam’s beautiful coastline and Cambodia’s rich cultural heritage, including the renowned UNESCO World Heritage site of Angkor Wat.

With these additions, Emirates now operates 269 weekly flights to 24 destinations in East Asia, solidifying its status as one of the most connected non-Asian airlines in the region.

The expansion into Da Nang aligns with Emirates’ broader strategy to strengthen regional trade and tourism, supporting ongoing economic partnerships in Southeast Asia.

This move comes in the wake of the UAE-Vietnam Comprehensive Economic Partnership Agreement (CEPA), according to Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer.

By launching this new route, Emirates aims to deepen bilateral trade and economic cooperation between the two countries.

In Cambodia, Emirates anticipates growing interest in cultural tourism. Siem Reap, the gateway to Angkor Wat, remains one of Southeast Asia’s top tourist destinations, and the new flight is expected to attract travelers from Europe and beyond.

HEIDELBERG focuses on economic efficiency in FY 2025/26 – operating margin set to rise further

  • Targets for financial year 2024/25 achieved – sales and adjusted EBITDA margin match previous year’s figure
  • Significantly positive free cash flow of € 51 million
  • China Print trade show’s positive impact on orders creates basis for good start to FY 2025/26
  • Areas with growth potential range from packaging and digital printing to software and lifecycle products
  • Outlook for FY 2025/26 – slight increase in sales expected and adjusted EBITDA margin set to rise to as much as around 8 percent

HEIDELBERG, GERMANY – Newsaktuell – 5 June 2025 – Heidelberger Druckmaschinen AG (HEIDELBERG) is starting financial year 2025/26 on a strong note. Based on its global market position, its portfolio expansion in strategic growth markets, and a much-improved cost basis, and despite a difficult economic climate, the company is expecting a slight increase in sales to around € 2,350 million in the new financial year and an adjusted operating margin of up to 8 percent. It sees growth potential in a number of areas. These include playing a leading role as a systems integrator for packaging and digital printing with hybrid printing solutions, combining software and service business in a digital ecosystem, and expanding the operation of charging infrastructure, including DC technology. HEIDELBERG is also expecting a big boost from the Asia/Pacific region. Healthy incoming orders at May’s China Print trade show confirmed this and created the basis for a successful start to the new financial year.

HEIDELBERG is optimistic about FY 2025/26 and is opening the industry's largest customer demonstration center for its 175th anniversary with the redesigned Home of Print.
HEIDELBERG is optimistic about FY 2025/26 and is opening the industry’s largest customer demonstration center for its 175th anniversary with the redesigned Home of Print.

“Significant strategic and operational improvements have paved the way for further profitable growth,” said Jürgen Otto, CEO of HEIDELBERG. “Our measures will make a substantial contribution to the expected increase in sales. Enhanced efficiency and performance will further boost our profitability. Encouragingly, the capital market is also increasingly acknowledging our focus on economic efficiency and liquidity,” he added.

Targets for financial year 2024/25 achieved – sales and adjusted EBITDA margin match previous year’s figure
In financial year 2024/25, HEIDELBERG held its own in a difficult market environment and met its targets. The adjusted EBITDA margin remained stable at 7.1 percent, for example, ending the financial year on a successful note. The cost-cutting and efficiency measures initiated by the company successfully compensated for a slightly lower volume of sales than in the previous year, rising wage costs, and expenses relating to the drupa trade show. In the fourth quarter alone, the adjusted EBITDA margin doubled compared with the previous year and reached around 10 percent. At € 2,280 million, sales were slightly down on the previous year’s figure (€ 2,395 million). Following a weak first quarter due to purchasing restraint ahead of the drupa industry trade show, sales during the financial year increased quarter by quarter and were particularly strong in the fourth quarter. The free cash flow was once again significantly positive at € 51 million (previous year: € 56 million).

China Print trade show’s positive impact on orders creates basis for good start to FY 2025/26
HEIDELBERG ended financial year 2024/25 with a high level of incoming orders. In the fourth quarter, the figure of € 611 million for incoming orders was up on the previous quarters of the financial year. One reason for this is the company’s global and diversified setup, which enables HEIDELBERG to benefit from the different growth dynamics in the individual regions. This is emphasized by the high level of incoming orders at May’s China Print trade show, which will have a positive impact in the new financial year.

During financial year 2024/25 as a whole, HEIDELBERG generated incoming orders of around € 2,433 million, which was 6 percent up on the previous year’s level (€ 2,288 million). This also resulted in a corresponding big increase in the order backlog as at March 31, 2025 – from € 652 million on the same reference date the previous year to € 722 million. The Packaging Solutions and Print Solutions segments benefited from the product innovations presented at drupa. Their incoming orders for financial year 2024/25 both increased – by around 7 percent to € 1,272 million for the Packaging Solutions segment and by about 6 percent to € 1,155 million for the Print Solutions segment.

“Thanks to the improving order situation and the positive momentum from the China Print trade show, we are expecting a better start to the new financial year than we had the previous year,” said Dr. David Schmedding, Chief Technology & Sales Officer at HEIDELBERG. “Our new portfolio of very large format presses for packaging reaffirms our approach of gradually further expanding our portfolio in growth segments. By also incorporating automation, robotics, and software, we now offer customers integrated end-to-end solutions for the entire production process. Our aim as a system provider is to tap into the sizable potential in the growing packaging segment. All in all, we are therefore embarking on the new financial year full of confidence,” he continued.

Outlook for FY 2025/26 – slight increase in sales expected and adjusted EBITDA margin set to rise to as much as around 8 percent
In view of macroeconomic developments, taking into account the various opportunities and risks, and assuming the global economy does not see weaker growth than predicted by the relevant institutions, the company is expecting sales of around € 2,350 million in financial year 2025/26 (2024/25: € 2,280 million). The EBITDA margin adjusted for special items is predicted to rise to as much as 8 percent (previous year: 7.1 percent).

The changed segment structure at HEIDELBERG from April 1, 2025 means the company will, in the future, report figures for the Print & Packaging Equipment, Digital Solutions & Lifecycle, and HEIDELBERG Technology segments. The purpose of this new segment structure is to strengthen the focus on product-oriented management in line with market and customer needs, and also on systematically taking responsibility for results.

Hashtag: #HEIDELBERG

The issuer is solely responsible for the content of this announcement.

About HEIDELBERG

Heidelberger Druckmaschinen AG (HEIDELBERG) is a leading technology company that has been standing for innovation, quality and reliability in mechanical engineering worldwide for 175 years. With a clear focus on growth, HEIDELBERG as a total solution provider is driving further development in the core areas of packaging and digital printing, software solutions and the lifecycle business with service and consumables so that customers can achieve maximum productivity and efficiency. The company is also focusing on expanding into new business areas such as high-precision plant engineering with integrated control, automation technology and robotics as well as the growing green technologies. With a strong international presence in approximately 170 countries, the creative power and expertise of its around 9,500 employees, its own production facilities in Europe, China and the USA and one of the largest global sales and service networks, the company is well-positioned for future growth.

Figure 1: HEIDELBERG is optimistic about FY 2025/26 and is opening the industry’s largest customer demonstration center for its 175th anniversary with the redesigned Home of Print.
Figure 2: With the new Cartonmaster CX 145, HEIDELBERG is expanding its range in the growing packaging sector with a large format sheetfed offset press.
Figure 3: Jürgen Otto, CEO of HEIDELBERG, sees the course set for further profitable growth.

Image material and further information about the company are available in the portal and of Heidelberger Druckmaschinen AG at .

Important note:
This press release contains forward-looking statements based on assumptions and estimates made by the management of Heidelberger Druckmaschinen Aktiengesellschaft. Even if the company management is of the opinion that these assumptions and estimates are accurate, actual future developments and future actual results may deviate considerably from these assumptions and estimates due to a variety of factors. These factors may include, for example, changes in the overall economic situation, exchange rates and interest rates as well as changes within the graphic arts industry. Heidelberger Druckmaschinen Aktiengesellschaft provides no guarantee and assumes no liability that future developments and the actual results achieved in the future will correspond to the assumptions and estimates made in this press release.

Le Createur Design Wins Prestigious International Awards for Excellence in Interior Design


SINGAPORE – Media OutReach Newswire – 5 June 2025 – Le Createur, a Singapore-based interior design firm, has received international recognition at the 2024 London Design Awards and the 2024 K-Design Awards. These accolades acknowledge the firm’s expertise in residential, commercial, and hospitality design, recognising its ability to integrate functionality, aesthetics, and cultural heritage into well-executed spaces.

Interior Design showroom entrance

Recognition for Interior Design Excellence

Le Createur received multiple awards across various categories:

At the London Design Awards, the firm received:

Gold Awards:

  • Baba Nyonya – Interior Design (Residential)
  • Teal & Gold – Interior Design (Beauty Salon)
  • Sandy Lust – Interior Design (Beauty Salon)
  • Tropicana Serenity – Interior Design (Spa / Fitness)

Silver Awards:

  • Chilly House – Interior Design (Residential / Showroom / Exhibit)
  • Desert Dessert – Interior Design (Restaurants & Bars)

Le Createur was also recognised at the K-Design Awards, receiving:

  • Winner – Interior Design (Residential): Singapore Condominium in Baba Nyonya Style
  • Winner – Interior Design (Residential): Singapore HDB in Mid-Century Modern Style

This international recognition highlights the firm’s ability to integrate cultural heritage with contemporary aesthetics in its interior designs, creating functional and visually refined spaces tailored to modern living.

Industry Recognition and Market Impact

Le Createur’s recent awards provide third-party validation of its expertise, reinforcing its credibility and industry standing. These accolades distinguish the firm in a competitive market, recognising its approach to high-quality and innovative interior design.

This international recognition for interior design strengthens client confidence and enhances brand visibility, creating opportunities for media coverage, industry acknowledgment, and collaborations. It also supports connections with industry leaders, suppliers, and designers, contributing to ongoing professional development and design innovation.

Commitment to Design Excellence

Le Createur applies a structured approach to balancing aesthetics and functionality, ensuring that interior spaces are visually refined and practical. Each project is designed with spatial efficiency, material selection, and usability in mind, creating cohesive and well-integrated environments.

Le Createur’s international recognition for interior design reflects its expertise as a retail space designer and a residential and commercial interiors specialist. The firm adapts to various design styles while maintaining a detail-oriented approach. Its portfolio includes modern minimalist homes, heritage-influenced interiors, and commercial spaces, demonstrating its ability to deliver customised and well-executed design solutions.

“Every project we undertake is driven by a focus on design that is both functional and aesthetically refined,” said Axvin, Lead Designer at Le Createur. “This international recognition for our interior designs reaffirms our approach and motivates us to continue refining our design solutions.”

Design Expertise and Project Execution

Le Createur’s portfolio spans modern home interiors, Muji-inspired BTO homes, and statement-making spaces. Its ability to adapt to varied client preferences, functional needs, and spatial requirements ensures that designs are cohesive and practical.

The firm follows a structured and transparent process, keeping clients informed from consultation to project completion. A well-defined workflow facilitates efficient project execution, ensuring that design and implementation align with project requirements.

Future-Focused Interior Solutions

Le Createur continues to refine its approach by integrating sustainable materials, smart technology, and biophilic elements into its projects. This ensures that future designs remain adaptable, functional, and efficient, aligning with evolving industry standards.
Hashtag: #LeCreateur

The issuer is solely responsible for the content of this announcement.

About Le Createur

Founded in 2010, Le Createur is a Singapore-based award-winning interior design firm specialising in residential, commercial, and hospitality spaces. The firm focuses on functionality, material selection, and personalised design, creating interiors that balance aesthetics with practicality. Its portfolio includes modern minimalist homes, heritage-inspired interiors, and commercial projects, demonstrating its adaptability in delivering tailored and well-executed design solutions.

For more information, visit .

Indonesia Cements Status as China’s Top ASEAN Partner with Historic Currency Pact – EBC Financial Group Insights

With bilateral trade projected to hit USD160B in 2025, Indonesia’s Yuan-Rupiah pact with China for de-dollarisation and reshapes ASEAN’s financial future.


JAKARTA, INDONESIA – Media OutReach Newswire – 5 June 2025 – As one of China’s largest ASEAN trading partners, with bilateral commerce reaching USD147.80 billion in 2024 (6.1% YoY growth), Indonesia has solidified its economic ties with China. During Chinese Premier Li Qiang’s state visit ahead of the ASEAN-GCC-China Summit, the two nations signed four new MoUs—most critically, an upgraded Local Currency Settlement (LCS) pact between Bank Indonesia (BI) and the People’s Bank of China (PBOC). EBC Financial Group (EBC), a leading brokerage firm, examines how this agreement redefines Indonesia’s economic resilience.

Indonesia cements its position as China's top ASEAN partner with USD147.8B bilateral trade in 2024, strengthened by a historic Yuan-Rupiah currency pact.

Sectoral Wins: The Foundation for Deeper Ties
The accords support Indonesia’s LCS framework across key sectors. Trade and tourism will benefit from streamlined visa policies, targeting 2 million Chinese visitors in 2025. A USD5 billion commitment for twin industrial parks (Fujian-Batang SEZ) will create over 100,000 jobs. Soft power initiatives, like joint TB vaccine research and media collaboration, strengthen people-to-people ties.

The LCS Breakthrough: Financial Sovereignty in Action
The BI-PBOC agreement enables Rupiah-Yuan use in capital accounts, offering three advantages:

  • Trade Shield: Bilateral trade (USD147.80B in 2024, +6.1% YoY) avoids costly USD conversions for exports like palm oil and nickel.
  • Rate Cut Buffer: BI gains flexibility with 5.3% of reserves in yuan, easing policy without destabilising the Rupiah.
  • BRICS Leverage: Access to New Development Bank funding supports President Prabowo’s USD20B infrastructure agenda, reducing dollar reliance.

“This isn’t just about cutting transaction fees—it’s a recalibration of Indonesia’s financial DNA,” says David Barrett, CEO of EBC Financial Group (UK) Ltd. “By enabling Yuan-backed trade and investment flows, BI is building a hedge against Fed policy shocks.”

ASEAN’s New Template: Unity Amid Global Realignments
China-ASEAN trade hit USD330B (Jan-Apr 2025, +9.2% YoY), with Indonesia leading regional integration. The upgraded CAFTA 3.0 and ASEAN-GCC-China Summit highlight diversified economic partnerships. As Barrett notes, “Indonesia is crafting a blueprint for monetary diversification. The Local Currency Settlement (LCS) deal illustrates how mid-sized economies can reduce overreliance on a single dominant currency, balancing regional cohesion with global standards.”
Hashtag: #EBCFinancialGroup #BRICS




The issuer is solely responsible for the content of this announcement.

Regional Operation Disrupts USD 20 Million Transnational Scam Syndicates, Thousands of Bank Accounts Frozen

The Malaysians return to their country after escaping a job syndicate in Laos. Photo Credit: Free Malaysia Today

Authorities across Asia have arrested more than 1,800 individuals as part of a sweeping operation targeting transnational scam networks, according to the Hong Kong Police. 

The coordinated effort spanned six jurisdictions and focused on dismantling online fraud and scam operations that have plagued the region in recent years.

The joint operation, which ran for several weeks and concluded at the end of May, successfully disrupted criminal activity involving more than USD 20 million in fraudulent funds. Police in Hong Kong confirmed that around 33,000 bank accounts suspected of being linked to scams were frozen during the campaign.

Authorities from South Korea, Thailand, Singapore, Macao, Malaysia, and the Maldives worked alongside Hong Kong police to investigate and shut down scam operations tied to online shopping fraud, telephone scams, as well as investment and employment-related fraud. 

Individuals arrested range in age from 14 to 81, illustrating the broad scope of the criminal networks.

One highlighted case involved a finance executive in Singapore who, in March, was deceived through deepfake technology by someone impersonating a corporate CEO. 

The victim transferred nearly half a million US dollars to Hong Kong. Thanks to timely cross-border cooperation, the funds were recovered.

A recent United Nations report highlighted the rising influence of transnational criminal groups operating scam centers in East and Southeast Asia. These groups have expanded their operations globally, using regions like Cambodia, Laos, Myanmar, and the Philippines as hubs due to weak enforcement and porous borders.

Border areas in particular, such as those in Laos, Myanmar, and Cambodia, remain hotspots for these operations.

Scam compounds there are known for forcibly employing workers to carry out fraudulent schemes, including romance scams, investment fraud, and illegal online gambling. Victims of trafficking are frequently held under abusive conditions, facing limited access to help or escape.

China Launches Multi-Entry ‘ASEAN Visa’ to Boost Regional Ties

China Launches Multi-Entry ‘ASEAN Visa’ to Boost Regional Ties
This image is used only for representational purpose (credit photo: Wikimedia Commons)

China has introduced a new “ASEAN Visa” for citizens of the ten Association of Southeast Asian Nations (ASEAN) member states and observer Timor-Leste, Chinese foreign ministry spokesperson Lin Jian announced at a press briefing on 3 June.

Gold market: May 2025 overview and June 2025 outlook. A monthly digest by the global broker Octa


KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 5 June 2025 – May proved to be a rather challenging month for gold traders. XAUUSD, the primary financial instrument for trading gold, fluctuated in a relatively broad range between $3,120 and $3,435 per ounce (oz), but finished the month virtually unchanged, narrowly recording a fifth consecutive monthly gain. Although trading started on a bearish note, XAUUSD found support in the $3,200 area and even rebounded slightly. However, the failure to confidently break above the critical $3,430 mark led to a short-term bearish trend, with prices falling by nearly 9% by mid-May. Subsequently, technical dip-buying and robust safe-haven demand spurred a recovery in XAUUSD, which remained comfortably above its 50-, 100-, and 200-day moving averages (MAs). Nevertheless, May marked the first month since November 2024 when gold did not reach a new all-time high. Notably, the monthly chart for May has formed a strong doji candlestick, potentially signalling traders’ indecision and a possible mid-term reversal.

Octa Broker

Overall, the past month presented a rather bumpy ride for traders as it was fueled by a series of notable market-moving events (outlined below). Gold investors contended with persistent trade-related news, shifting geopolitical dynamics in the Middle East and Eastern Europe, rapidly changing monetary policy expectations and U.S. recession probabilities as well as escalating concerns regarding global debt and weakening U.S. dollar. Demonstrating its traditional role, gold once again highlighted its inherent value as a safe-haven asset, potentially indicating continued positive performance in the near future.

Major market-moving events:
  • 5-6 May. XAUUSD rallied by more than 6% in just two days as buying from China increased after its markets reopened following a long Labour Day holiday, which ran from 1 May to 5 May. In addition, President Trump’s announcement of a 100% tariff on foreign films renewed trade war fears, weakened the U.S. dollar, and made gold more appealing to holders of other currencies.
  • 7-8 May and 12 May. Gold started to pull back from the $3,430 level as the market began to price in the potential easing of trade tensions ahead of the scheduled meeting between the U.S. Treasury Secretary Scott Bessent and Vice Premier of China He Lifeng in Geneva, Switzerland. Furthermore, the U.S. announced a ‘breakthrough’ trade agreement with Britain, which had an additional bullish impact on the greenback (and a bearish impact on the bullion). Improving risk sentiment and rising hopes for the normalisation of global trade relations culminated on 12 May when the U.S. and China announced that they managed to reach a temporary trade deal. As a result, gold prices plunged by as much as 3% on 12 May and continued to fall for another three trading sessions.
  • 15 May. Gold began to erase earlier losses after touching critical support in the 3,150 area, which triggered a flow of pending buy-limit orders, helping pull XAUUSD up by almost 2%. In addition, soft U.S. Producer Price Index (PPI) data prompted investors to expect more rate cuts by the Federal Reserve (Fed), further supporting gold prices.
  • 20 May. As investors were still digesting the long-term implications of Moody’s downgrade of the U.S. debt, U.S. President Donald Trump was attempting to convince his fellow Republicans in the U.S. Congress to unite behind a sweeping tax-cut bill, which is widely expected to worsen the federal budget deficit outlook. As a result, the U.S. dollar continued to fall, while gold’s price rose towards $3,300 per oz.
  • 23 May. Gold prices rose by almost 2%, achieving their best week in six. This was largely due to investors seeking a safe haven as U.S. President Donald Trump renewed tariff threats, recommending a 50% tariff on European Union (EU) imports from 1 June and stating that Apple would face a 25% tariff on iPhones made outside the U.S.
  • 29 May. After declining for the previous three trading sessions, XAUUSD rose again after a U.S. appeals court reinstated President Donald Trump’s sweeping tariffs, just a day after most of the tariffs were blocked by a trade court.

May was a wild ride for the gold market thanks to America’s erratic trade policies,‘ says Kar Yong Ang, a financial market analyst at Octa broker. ‘Ever since Trump announced his reciprocal tariffs in April, they have been repeatedly delayed, adjusted, challenged, blocked and reinstated, sowing chaos, breeding uncertainty and leaving traders with no clear direction‘.

Indeed, as mentioned previously, the XAUUSD monthly chart shows a significant doji candlestick for May, indicating trader indecision and a potential mid-term reversal. In fact, the short-term trend from 22 April can generally be described as ‘sideways’, as traders are unsure about the bullion’s next big move..However, the broader, long-term trend is still decidedly bullish, as gold’s price remains comfortably above key trendlines and MAs. Overall, chaotic U.S. trade policy, rising fears about the sustainability of the U.S. twin deficits (fiscal and trade), endless geopolitical tensions and political instability, and solid structural demand on the part of central banks helped keep the bullion’s price near all-time highs. In addition, the big technical picture has been positive, resulting in trend buying by investors.

Physical demand for bullion has been a key driver behind the rising price of gold in recent months. Just recently, a Hong Kong Census and Statistics Department (C&SD) report showed that China’s total gold imports via Hong Kong nearly tripled in April, hitting their highest level in more than a year. A total of 58.61 metric tons (mt) of gold was imported via Hong Kong in April, up 178.17% from 21.07 tons in March. And these figures may not even provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Indeed, the People’s Bank of China (PBoC) has been actively adding gold to its reserves for six straight months. According to the World Gold Council, PBoC added 2.2 mt to its gold holdings in April, which now stand at 2,295 mt, 6.8% of total reserve assets. Other countries, notably India and Russia, also continued to stockpile gold. Overall, according to global broker Octa’s estimates, global central banks have added more than 240 tons of gold to their reserves in Q1 2025.

Interestingly, U.S. trade policy also affected physical flows among Western nations. According to Swiss customs data, gold imports to Switzerland from the U.S. jumped to the highest monthly level since at least April 2012 after excluding precious metals from U.S. import tariffs. Reuters reported that Switzerland, the world’s biggest bullion refining and transit hub, and Britain, home to the world’s largest over-the-counter gold trading hub, registered massive outflows to the U.S. over December-March as traders sought to hedge against the possibility of broad U.S. tariffs hitting bullion imports.

Apart from central banks, global investors have also remained quite bullish on gold. According to the Commodity Futures Trading Commission (CFTC), large speculators (leveraged funds and money managers) were still net-long COMEX gold futures and options as of 27 May, 2025. Long positions totalled 152,034 contracts vs only 34,797 short contracts. Meanwhile, according to LSEG, a financial firm, flows into physically-backed gold exchange-traded funds (ETFs) reached almost 50 mt year-to-date. Most recently, however, speculative bullish interest in gold and ETFs flows have been subsiding.

Although large speculators remain net-long, the size of their exposure is substantially smaller compared to what it was back in September 2024, when the uncertainty around the U.S. Presidential elections fuelled bullish bets‘, says Kar Yong Ang, adding that ETFs actually recorded a minor outflow in the first half of May.

CFTC Commitments of Traders vs Gold Price

Source: CFTC, LSEG, global broker Octa's calculations
Source: CFTC, LSEG, global broker Octa’s calculations

Gold ETF Monthly Flows

Source: LSEG
Source: LSEG

Outlook
Fundamentally, the outlook for gold looks bright, but there are important caveats. We have singled out three important factors that will continue to play out in June and the rest of 2025.

Geopolitical uncertainty
Lingering global economic and geopolitical risks continue to play out, with the ongoing trade negotiations between the United States and the rest of the world, particularly China, being the most critical factor affecting the gold market and the global financial system.

The conflicts in the Middle East, such as the Israel-Hamas hostilities, a brief spat between India and Pakistan, and the ongoing conflict between Russia and Ukraine, have destabilised world politics and raised many fears ranging from oil and food supply disruptions to the prospect of a worldwide conflict. Gold, considered a ‘safe-haven’ asset, typically sees increased demand during political uncertainty and instability. While it is extremely difficult to project the resolution of geopolitical conflicts, let alone to forecast the emergence of new ones, peace negotiations in the hottest regions have already commenced. ‘Conflicting parties seem to have at least started to talk. A cease-fire in the Middle East and Eastern Europe is now more likely than it was only a month ago, but a lasting peace may take years to achieve. Either way, any progress in negotiations or even a temporary cessation of hostilities will improve risk sentiment and have a bearish impact on gold,‘ says Kar Yong Ang, global broker Octa analyst.

The looming 8 July tariff deadline imposed by U.S. President Trump further complicates the global political landscape, adding another reason for gold prices to remain elevated. As of today, the United Kingdom is the only country that has signed a new trade deal with the U.S., while trade talks with dozens of other countries have progressed too slowly. Negotiations remain unwieldy, while China and the U.S., the world’s two largest economies, continue to accuse one another of breaching the Geneva trade deal. As long as trade tensions persist, investors will be reluctant to sell gold.

Global monetary policy
Gold is priced in U.S. dollars and is therefore highly sensitive to changes in U.S. interest rates, inflation, and the greenback’s value. As already mentioned, the market is positioned for a dovish Fed. In fact, the latest interest rates swap market data implies roughly 75 basis points (bps) worth of rate cuts by the Fed by the end of December 2025. It is widely expected that other central banks will not fall far behind. For example, after the latest Eurozone inflation figures came out lower than expected, investors now expect the European Central Bank (ECB) to deliver two quarter-point rate cuts by the end of December 2025. Likewise, the Bank of England (BoE) is anticipated to announce at least two rate cuts of 25 bps each before the end of the year. Fundamentally, a less tight (or looser) monetary policy worldwide is a major bullish factor for gold. Because gold has no passive income and does not pay any interest, the opportunity cost of holding it becomes lower when central banks reduce their policy rates. The main risk, of course, is inflation. Should it remain above central banks’ targets or, even worse, start to increase, the Fed and its counterparts will be forced to hold the rates higher for longer.

Inflation is a major concern. Tariff-related price increases are yet to be felt, and although U.S. consumer 1-year and 5-year inflation expectations have eased, they remain very high by historical standards. I think some central banks, and maybe even the Fed, will prefer to wait until trade tensions are resolved before committing fully to rate cuts,‘ says Kar Yong Ang.

Physical demand
Physical demand for gold may continue to increase primarily because China, a significant gold consumer, remains an active buyer, but also because global central banks in general are increasingly turning to gold to diversify their reserves away from the U.S. dollar. Specifically, China has seen its national currency, the renminbi (RMB), appreciate more than 2% over the past month. This is not a welcoming development for a country whose economy heavily depends on exports. Thus, Chinese authorities may relax gold import quotas to stop the yuan from appreciating too much. As a result, the physical and investment demand for gold in China may rise in the months ahead. As for India, the demand for gold may temporarily slow due to seasonal factors, but is unlikely to reverse. Indian jewellers may delay making new stock acquisitions as monsoon rains are arriving, while the wedding season is concluding, but that will only have a temporary impact.

Technical picture
Kar Yong Ang, global broker Octa analyst, said: ‘From a technical perspective, XAUUSD looks bullish no matter how you look at it. 3,397, 3,438, and 3,463-3,471 levels are still real targets for bulls. Only a drop below 3,125 will invalidate the underlying bullish trend, and even then XAUUSD is more likely to trend sideways than to go deep down.’

Conclusion
Overall, we continue to see a generally bullish picture for gold, but it may be changing soon. Fundamentally, gold is still a ‘buy’ but no longer a ‘screaming buy’, as we labelled it in our August 2024 Digest. Wall Street analysts predict higher prices. Goldman Sachs recently hiked its 2025 gold forecast to $3,700 per oz, particularly due to strong central bank demand, implying a 10% upside potential from the current levels. At the same time, large speculators have already started to reduce their net-long exposure, while the outlook for the global monetary policy remains uncertain due to tariffs. Investors, in general, may be a bit too optimistic when it comes to rate cuts.

As things currently stand, it is still very hard to draw a bearish case for gold, but I do think that the bullish trend is showing first signs of exhaustion and some consolidation is likely to follow‘, said Kar Yong Ang, global broker Octa analyst. Next month will be critical for the gold market as it features seven key rate decisions and will likely be packed with news related to trade negotiations. Traders should be cautious as June news may essentially determine the XAUUSD trend for the next six months.

Key Macro Events in June (scheduled)
4 June Bank of Canada meeting
5 June European Central Bank meeting
6 June U.S. Nonfarm Payroll
11 June U.S. Consumer Price Index
15-16 June Group-7 Summit
17 June Bank of Japan meeting
18 June Federal Reserve meeting
19 June Swiss National Bank meeting
19 June Bank of England meeting
20 June People’s Bank of China meeting
23 June S&P Global Purchasing Managers Indices
24-25 June North Atlantic Treaty Organization Summit
26-27 June European Council Summit
27 June U.S. Personal Consumption Expenditure Price Index
30 June German Consumer Price Index

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