KCM Trade Plus Managing Director Jason Lau Returns for SBS Interview In-depth analysis of gold and silver pullback and second-half outlook
On 3 June 2026, Jason Lau, Managing Director of KCM Trade Plus, was once again invited to appear on SBS Chinese (Cantonese) programme Global Finance. Building on his earlier accurate forecast of precious metals trends at the beginning of the year, Jason returned to share a comprehensive mid-year analysis of developments in the gold and silver markets, central bank gold buying trends, and the outlook for the second half of the year. His insights further reinforced KCM Trade Plus’ s authority in global financial market analysis.
Gold pullback seen as a healthy correction, long-term uptrend remains intact
During the interview, Jason noted that gold had previously approached an all-time high of around USD 5,600 per ounce earlier in the year before retreating to approximately USD 4,500, driven by a combination of macroeconomic factors.
He explained that following the outbreak of the Iran conflict, oil prices surged from USD 65 to USD 115, significantly increasing inflation expectations. This shift prompted central banks to move from rate-cutting to rate-hiking cycles, pushing bond yields higher. As gold is a non-yielding asset, rising interest rates increase its opportunity cost, which has been a key factor limiting its upside potential§.
However, from a technical perspective, gold remains above its 250-day moving average. Jason emphasised that the current decline should be viewed as a healthy correction rather than the beginning of a bearish reversal.
Central banks continue gold accumulation, providing structural support
Citing data from the World Gold Council, Jason highlighted that global central banks purchased a net 244 tonnes of gold in the first quarter of 2026.
Unlike hedge funds or retail investors, central banks typically hold gold for the long term, creating a stable and persistent source of demand. The United States remains the world's largest holder of gold reserves, while emerging markets continue to increase their holdings to diversify away from reliance on the US dollar and the euro.
This sustained central bank demand provides a strong structural floor for the gold market.
Silver shifting further into industrial metal territory, structural shortage persists
Regarding silver, Jason noted that prices had previously reached as high as USD 115 before stabilising around the USD 75 level, reflecting significantly higher volatility compared to gold.
He explained that silver is increasingly transitioning from a hybrid precious-and-industrial metal into a more industrial-driven asset class. The rapid expansion of artificial intelligence infrastructure, solar energy, and electric vehicle technologies has driven sustained industrial demand.
As a result, the silver market is now experiencing its sixth consecutive year of structural supply deficit. According to Jason, strong industrial demand continues to provide §a strong long-term price floor for silver.
Second-half outlook: focus on interest rates, US dollar strength, and central bank buying pace
Looking ahead to the second half of the year, Jason advised investors to closely monitor three key variables: whether major central banks will enter new tightening cycles, the trajectory of the US dollar index, and whether the pace of central bank gold purchases may structurally slow down.
These factors will play a decisive role in shaping the direction of the precious metals market, and investors should carefully consider their timing when entering positions.
Listen to the full interview
The full interview is now available on the SBS Chinese platform. KCM Trade Plus continues to leverage its expertise to provide clients with market-aligned financial services and trading insights.
About SBS
SBS (Special Broadcasting Service) is a leading multicultural public broadcaster in Australia, known for high-quality news and financial content. Its radio and digital platforms reach diverse audiences across multiple languages, with its financial programming widely recognised for professional depth and international perspective.
As a regular guest, Jason Lau continues to deliver high-level financial insights on SBS, contributing to the improvement of public financial literacy. In a complex global financial environment, his analysis and trader education play a dual role in supporting both informed decision-making and healthier market participation.
KCM Trade Plus invites you to listen to the full discussion: 【入市時機？】金價回調近兩成 白銀需求受關注 | SBS Chinese — listen to authoritative insights and gain trading intelligence.
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