Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher. Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data.
A falling US dollar was a significant contributor to gold’s 6.1% return in January and another positive ‘unexplained’ factor could be continued central bank buying or expectations thereof. Gold futures have also helped support the rally and, looking forward, we expect North American gold ETFs to continue seeing positive demand in coming weeks as historical analysis shows that positioning in futures tends to lead ETFs flows by two weeks.
Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar. 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence.
Gold fell 2% in October on rising bond yields and dollar strength, but it was positively impacted by higher breakeven inflation. But a weaker US dollar vs. euro and lower ETF outflows provided some support
Gold fell for the sixth consecutive month, dropping 2.6% to finish September at US$1,671.8/oz. It was a challenging month for most assets, with global equities down 9.5%, global bonds down 5.1% and commodities down 8.4%.
Gold ended August lower m-o-m, down 2% to US$1,715.9/oz – its fifth consecutive monthly decline. The promising bounce that began in mid-July ran out of steam in mid-August after failing to break the US$1,800/oz resistance level.
Gold fell 3.5% in July, leaving it down 2.9% on the year at US$1,753/oz. A strong US dollar and sticky real yields weighed on gold in the first half of July.
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Gold Market Commentary: Gold winded in February by strong US data
Gold shed 5.2% in February, as surprisingly strong US economic data propelled both yields and the US dollar higher. Global gold ETFs suffered more losses led by European funds while North American funds saw small outflows for the first time in two months. Recent futures positioning remains unavailable following issues with the data.
Gold Market Commentary
A falling US dollar was a significant contributor to gold’s 6.1% return in January and another positive ‘unexplained’ factor could be continued central bank buying or expectations thereof. Gold futures have also helped support the rally and, looking forward, we expect North American gold ETFs to continue seeing positive demand in coming weeks as historical analysis shows that positioning in futures tends to lead ETFs flows by two weeks.
Gold Market Commentary
Gold posted a small gain in 2022; no mean feat given an unprecedented rise in rates and a strong US dollar. 2022 was a textbook example of gold’s stable and uncorrelated performance amid market turbulence.
Gold Market Commentary
Gold fell 2% in October on rising bond yields and dollar strength, but it was positively impacted by higher breakeven inflation. But a weaker US dollar vs. euro and lower ETF outflows provided some support
Gold Market Commentary
Gold fell for the sixth consecutive month, dropping 2.6% to finish September at US$1,671.8/oz. It was a challenging month for most assets, with global equities down 9.5%, global bonds down 5.1% and commodities down 8.4%.
Gold Market Commentary
Gold ended August lower m-o-m, down 2% to US$1,715.9/oz – its fifth consecutive monthly decline. The promising bounce that began in mid-July ran out of steam in mid-August after failing to break the US$1,800/oz resistance level.
Gold Market Commentary
Gold fell 3.5% in July, leaving it down 2.9% on the year at US$1,753/oz. A strong US dollar and sticky real yields weighed on gold in the first half of July.
Gold Market Commentary
Weaker investor interest weighed on gold in May
Gold Market Commentary
Throughout April, gold remained among the best performing assets in 2022 up 5% in US dollar terms – yet it ended the month 1.6% lower at US$1,911/oz.
Gold Market Commentary
Gold rose for the second consecutive quarter in Q1, ending 8% higher at US$1,942/oz – its best quarterly performance since Q2 2020.
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