The price of Gold climbed back above the $2,500 per troy ounce mark, trading just below its record high, Commerzbank commodity strategist Barbara Lambrecht notes.
ETF investors raise their interest in Gold
“The apparent weakening of the US labor market has raised hopes of faster interest rate cuts. Today's US labor market report could strengthen or dampen expectations accordingly. Meanwhile, the World Gold Council's new monthly statistics show that Gold ETFs recorded inflows for the fourth month in a row in August, albeit not quite as high as in July.”
“Holdings are now as high as they were last in mid-February. All regions recorded rising ETF holdings, with North America and Europe seeing the highest inflows. According to WGC, falling opportunity costs, a weaker US dollar and geopolitical tensions in the Middle East are key factors explaining the interest shown by ETF investors.”
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