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Dips Below $1900

GOLD

Gold is little changed in the Asia-Pac session, after briefly dipping below $1,900 on Thursday as US tsy yields surged following the unexpectedly strong GDP revision and a decrease in jobless claims, which further raised the probability of the FOMC implementing further rate hikes.

  • Rates moved to their highest levels since March, reminiscent of the previous market unease regarding aggressive actions by the Federal Reserve.
  • But gold managed to quickly rebound after sliding below the $1,900 marker, a sign of enduring bids for the metal even as US bond yields and the dollar move against it.
  • There has been a noticeable outflow of investments from bullion-backed exchange-traded funds (ETFs), contributing to the downward trajectory of gold prices. Data compiled by Bloomberg indicates that total holdings in gold-backed ETFs have declined for four consecutive weeks, and trading volumes are approximately 10% lower compared to the previous year. It is worth noting that sustained ETF buying played a significant role in driving the price of gold higher in 2020.
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