GJ Town India

  Weekly insights from the WGC reveal strong gold performance   Recently, World Gold Council [WGC] published Weekly [December 1 to 5 December, week] Markets Monitor.  Its key review highlights said, 1: Gold extended its strength: the LBMA Gold Price PM rose 1.2% w/w to US$4,243/oz, stretching the y-t-d gain to an impressive 63%. 2: Support from declining FX opportunity costs (+0.7%) outweighed pressure from rising yields, (-0.3%) and slowing gold ETF inflows (-0.1%), lifting gold up last week.    3: Global investors continued to be net buyers of gold ETFs – albeit at a slower pace – and their gold options’ bullish exposure also pulled back. 4: Gold needs to see a sustained move above resistance at US$4,245/oz to complete a triangle, continuation pattern for a resumption of its core uptrend.    The last week review for the US suggests, service sector strength, manufacturing weakness, and mixed signals from jobs market. Manufacturing and services activi...

Gold ETF inflows continued, but at a significantly lower pace   Announcing October highlights World Gold Council (WGC) reports that the Gold-backed ETFs and similar products (gold ETFs) recorded their 11th consecutive month of net inflows during October, matching the record number of positive monthly flows set in April 2006.   Gold ETF holdings increased by 20.3 tonnes (t), +US$1.4bn or 0.6% of assets under management (AUM), during the month as the gold price moved mostly sideways, finishing slightly below US$1,900/oz. Net inflows of 1,022t (US$57.1bn) in 2020, so far, have driven global gold ETF holdings to a new all-time high of 3,899t (US$235bn in AUM). By furnishing monthly regional overview, WGC reported positive inflows continued during October, albeit the lowest monthly increase in 2020, as most risk assets, like stocks, were lower on the month. Nearly all the net inflows came from European funds which added 20.2t (US$1.4bn, 1.4% AUM).  North American funds add...