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Commerzbank: Surging ETF Gold Holdings Help Boost Gold Price

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Exchange-traded-fund investors are moving back into gold, with Friday’s inflow the largest in close to three years, reports Commerzbank. “Gold is currently being bought by both ETF investors and speculative financial investors,” the bank said. “The gold ETFs tracked by Bloomberg registered an inflow of over 32 tonnes on Friday, which took place exclusively in the SPDR Gold Trust. This was the largest inflow in nearly three years. ETF holdings have thus been increased by 95 tonnes since the beginning of the month. The gold price has risen by $100 during this time.”

By Allen Sykora of Kitco News;


BMO: Gold Maintains Upside Momentum Amid U.S.-Iran Tensions

Monday June 24, 2019 08:22

Spot gold prices are holding above $1,400 an ounce, a level topped last week for the first time since 2013. As of 8:16 a.m. EDT, spot metal was $10.80 higher to $1,409.80 an ounce. “Momentum on the upside continues to build as escalating tensions between the U.S. and Iran boost demand,” BMO said. Analysts pointed out that the latest data from the Commodity Futures Trading Commission show that funds have once again increased their bullish exposure to gold and also swung to a net-bullish position in silver for the first time since March.

By Allen Sykora of Kitco News;


FXTM: Dovish Central Banks To Support Gold If Geopolitical Tensions Don’t

Monday June 24, 2019 08:22

Gold should remained underpinned by the dovish bias of central bankers even if geopolitical tensions abate, said Han Tan, market analyst at FXTM. “Rising geopolitical tensions as well as the uncertainty over the U.S.-China standoff ensure that safe-haven assets remain in a supportive environment for the time being,” the analyst said. “While it’s hard to imagine U.S.-led tensions melting away rapidly in the immediate term, recent history has only demonstrated that the geopolitical landscape remains highly fluid and can turn on a dime. Still, any potential declines in gold triggered by de-escalating in tensions over the near term should be mitigated by the expressed easing bias out of major central banks.”

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