JJPFF - Gold Market Commentary: Higher-For-Longer: Inflation Not Growth
2024-05-17 12:20:00 ET
Summary
- Gold had another good month in April, posting a 4% gain and ending the month at US$2,307/oz.
- Unlike March, gold finished off its intra-month high from probable buyer reticence and profit taking – reflected in falling Chinese premia, lower Indian imports, and flat-lining COMEX positioning.
- A sizable rise in volumes from Shanghai gold futures and other forward contracts has recently attracted attention.
New-high fatigue?
Gold had another good month in April, posting a 4% gain and ending the month at US$2,307/oz. Unlike March, gold finished off its intra-month high from probable buyer reticence and profit taking - reflected in falling Chinese premia, lower Indian imports and flat-lining COMEX positioning. On the flipside, the trend in North American gold ETF flows turned positive - albeit slightly - joining strong demand for Asian ETFs....
Gold Market Commentary: Higher-For-Longer: Inflation Not Growth