IAUM - Gold Market Commentary: As The Buck Stops More Bite For Gold
2024-06-11 09:45:00 ET
Summary
- Gold posted a third consecutive monthly gain in May, rising by 2% m/m to US$2,348/oz.
- Looking at our Gold Return Attribution Model, there was no single variable that stood out as a key driver in May.
- The US dollar bull narrative could be running short of arguments, and a dollar peak has historically been good for gold.
Gold return slows in May
Gold posted a third consecutive monthly gain in May, rising by 2% m/m to US$2,348/oz. Despite the more moderate gain compared to March and April , gold hit a new all-time high of US$2,427/oz mid-month before pulling back - likely reflecting some profit taking. But market activity remained supportive during the month, with net long managed money positions on COMEX hitting a four-year high and gold ETFs seeing net inflows (US$529mn) for the first time since May 2023....
Gold Market Commentary: As The Buck Stops, More Bite For Gold