Gold exchange-traded funds have edged lower so far this year after gaining around 13% in 2024, based on the performance of the most liquid product — the SPDR Gold Shares ETF (NYSE:GLD).
Prices remain above the $2,000 level as geopolitical tensions and expectations of lower interest rates have kept gold bullion buoyant.
On Tuesday, the front month gold futures price was up 0.9% — the 11th-consecutive week of closes above the $2,000 level. But the price has been trending gradually lower.
“Gold has been trading in a narrow range awaiting clues on the outlook for U.S. interest rates — higher borrowing costs are typically negative for gold,” said Warren Patterson, head of commodities strategy at ING.
Also Read: Choccy-Horror Show: ...