Now Reading: Gold ETFs net positive for third week in a row
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Gold ETFs net positive for third week in a row
Gold exchange-traded funds saw net inflows of $3.04 billion last week, marking the third consecutive week of positive investments, according to World Gold Council data. Inflows were $4.38 billion and outflows $1.33…
The Story in Brief
Gold exchange-traded funds saw net inflows of $3.04 billion last week, marking the third consecutive week of positive investments, according to World Gold Council data. Inflows were $4.38 billion and outflows $1.33 billion, led mainly by the US, China and the UK. Gold prices jumped over 6% in the week to near $4,350 an ounce after weak US jobs data raised hopes of a Fed rate cut.
Year-to-date, net inflows into gold ETFs stand at $13.69 billion. Indian investors remained committed, pumping in $3.96 billion so far. The metal has fallen 23% from its January record of $5,608 an ounce. Analysts say $3,950-4,000 is a key support zone, with sentiment buoyed by geopolitical tensions and festive-season demand in India.
The Indian Opinion
The narrative that gold is either a bubble or a safe haven that always rises seems exaggerated. Yes, prices have dropped 23% from January’s peak, yet global inflows keep coming. The real test is whether gold can hold above $4,000. Watch the next US jobs report and the Fed’s September decision, those numbers, not headlines, will decide the yellow metal’s direction.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
