Gold market momentum is not abating - Commerzbank
(Kitco News) - Improving investor sentiment that is pushing equity markets higher Monday is not enough to stop the momentum in the gold market, according to analysts at Commerzbank.
The analysts reiterated their stance that it’s only a matter of time before gold prices see sustainable push above $1,800 an ounce. They noted that investment demand continues to dominate the marketplace.
The German bank said that gold-backed exchanged traded products have seen inflows of 19 tons since the start of the month.
“It only ever gets interrupted briefly before resuming again,” they said. “In our opinion it will probably only be a question of time before gold rises above the $1,800 mark. The front-month gold futures contract had already traded briefly above it last week.”