Gold extends rally as global growth remains uneven
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...