Gold: ETF inflows and sceptical outlook – Commerzbank
Commerzbank’s Carsten Fritsch notes Gold breaking above USD 4,400 per ounce despite a sharp Oil rally, with Fed rate expectations only modestly higher after weak US labour data.
Commerzbank analyst Carsten Fritsch observed gold prices breaking above the $4,400 per ounce mark, despite a surge in oil prices. Despite this, interest rate expectations have only increased slightly and remain lower than they were prior to Friday's poor US labor data. Over the course of four trading days, investors in gold ETFs added 14.5 tons, and global gold ETFs experienced inflows of 23.5 tons throughout July, with significant activity in Europe and Asia.
Fritsch remains cautious that gold's performance will not be able to withstand higher oil prices and interest rates for an extended period. The article was assisted by AI and reviewed by an editor.
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