Escalating Middle East Conflict: Geopolitical instability typically increases the appeal of gold as a safe-haven asset, which would directly benefit Royal Gold as a precious metals streaming and royalty company.

Eurozone March Inflation and Oil Prices: Rising inflation, particularly driven by energy prices, enhances gold's role as an inflation hedge, likely driving up gold prices and Royal Gold's revenue. While high oil prices could impact mining costs, the positive effect on gold prices is expected to be more significant.

US March Jobs Report and Interest Rate Expectations: A strong jobs report could signal a robust economy, potentially leading central banks to maintain higher interest rates or delay cuts. Higher interest rates generally make non-yielding assets like gold less attractive, potentially creating headwinds for Royal Gold, unless inflation concerns heavily outweigh interest rate impacts.