Commerzbank: ETFs Add 18.6 Tonnes Of Gold So Far In 2019
Monday January 07, 2019 08:33
Kitco
Holdings of gold by exchange-traded funds surged at the start of 2019 as the metal hit its strongest level in more than six months, says Commerzbank. “For some time now, gold has been generally profiting from the volatile market environment and the uncertainty among market participants,” analysts say. “Very weak stock markets at times and falling bond yields expressed the economic concerns of market participants. The U.S. government shutdown has likewise been having a positive impact on the gold price, as gold is in demand as a safe haven. This is also reflected in ETF inflows, which according to Bloomberg have totaled 18.6 tonnes since the start of the year alone.” Further, analysts add, the technical-chart picture “has brightened considerably” since gold topped the 200-day moving average last month. As of 8:29 a.m. EST, spot gold was $9 higher to $1,293.20 an ounce.