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    1 May, 2020


    Thursday, April 30

    We released our Q1-20 GDT this morning. Large changes in the drivers of #gold demand this quarter with strong investment demand and much less consumer purchases.

    Supply down 4% too, as mine supply and recycling both hit by COVID-19 interruptions.

    Strong ETF demand was a key feature of the strength in #gold demand this quarter.

     

    #Gold jewellery demand fell to record lows in Q1-20.

    When Indians are better able to access the gold market we expect a wave of scrap supply and loans against #gold jewellery. Read more from our MD in India, @SomPR_WGC in this Reuters story.

     

    Friday, May 1

    Gold is trading at $1676/oz nearing noon in the UK on Friday, attempting to consolidate after the sell-offs seen on Thursday and Friday morning.

     

    This move in US Real yields is probably responsible for the sell-off in #gold on Thursday, mixed in with some rebalancing flows, perhaps?

     

    If it was profit-taking in #gold on Thursday, it wasn't apparent from #ETF flows, which increased modestly on the day according to Bloomberg's robots.

     

    Rounding out the month of April flows into #gold-backed ETFs, our (very) provisional numbers show 168t of net infows, mostly into US-based funds.

    We will publish our comprehensive commentary with better-verified data next week.

     

    Read more from John Reade on Twitter.