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BMO: price of gold, ETF holdings both rising

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(Kitco News) - Both the price of gold and amount of metal held by global exchange-traded funds keep rising, said BMO Capital Markets. As of 7:53 a.m. EDT, spot metal was up $18.90 to $1,761.10 an ounce. “Gold prices continued to gain following Fed Chairman [Jerome] Powell’s comments late last week that current policy support ‘may not be the final chapter,’ with prices pushing to a seven-year high…,” BMO said. “Macro asset allocators continue to add to ETF positions, with 16 consecutive days of inflows, the pace of which has been accelerating in recent days.” Analysts noted that Bloomberg data put Friday’s inflow of 423,000 gold ounces.

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