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Pullbacks in gold price, silver price look to be short-lived: Commerzbank

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(Kitco News) Price setbacks in gold and silver seem to be only temporary with the bullish trend wanting to push prices higher, according to Commerzbank analyst Carsten Fritsch. “Gold and silver quickly recovered from yesterday’s setback, though they haven’t yet recouped all of their losses … The rapid recovery makes it clear that the market wants to push prices higher, so a renewed bid for the record high is probable,” says Fritsch. Price dips also seem to trigger significant buying interest. “Yesterday’s price slide sparked considerable buying interest: the gold ETFs tracked by Bloomberg registered inflows of 17.5 tons. These were not limited to only the SPDR Gold Trust, either, which accounted for roughly half of the inflows. Furthermore, the inflows reported yesterday were the most pronounced on one day in more than five weeks. Inflows into gold ETFs have meanwhile totalled 148 tons since the beginning of the month. July has not seen a single day of outflows so far,” Fritsch adds.

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