Gold hits another fresh record – ING
Source Fxstreet
Gold rallied to a new all-time high amid trade war concerns that risk higher inflation and slower economic growth, spurring demand for safe-haven assets, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.
Cntral banks’ buying last year exceeds 1,000 tonnes
“Gold is already up by more than 9% so far this year and has hit a series of consecutive record highs along the way. While the uncertainty over trade and tariffs continues to boost Gold prices, Trump’s latest comments that the US take over the Gaza Strip and assume responsibility for reconstructing the territory have added to Gold’s bullish momentum.”
“Meanwhile, central banks’ buying last year exceeded 1,000 tonnes for the third year in a row, accelerating sharply in the fourth quarter to 333 tonnes and bringing the net annual total to 1,045 tonnes, according to the latest data from the World Gold Council.”
“The National Bank of Poland led the charge, adding 90 tonnes to its Gold reserves last year, but demand was seen from a broad range of emerging market banks.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.
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