London/ Frankfurt (Godmode-Trader.de) – The gold price has recently become quieter. The note trades slightly weaker at the beginning of the week at $ 1,748 / ounce. The price had found support around $ 1,745 for the past week.
Investors are currently turning away from the precious metal, which is a mortgage for the price of gold. The gold ETFs recorded by Bloomberg recorded wafer-thin inflows on Friday. Last week, however, there were total outflows of more than 10 tons. And according to the US regulator, the CFTC, net long speculative positions fell 34 percent for the week ended September 21. This corresponded to sales of the equivalent of 76 tons of gold within a week via the futures market.
Ole Hansen, Head of Commodities Strategy at Saxo Bank, remains optimistic about gold in the short term. Given that real returns, and the dollar in particular, are not currently providing support, the precious metal is being supported by ongoing fears of Evergrande and the global energy crisis. Rising energy prices, especially in Europe, could drive inflation higher, said Hansen.
Colin Cieszynski, senior market strategist at SIA Wealth Management, sees a downward trend for gold against the background of the monetary policy debate in the US. “I think the US dollar will see support as the Fed tapered, which should create headwinds for gold,” said Cieszynski.
Adrian Ash, director of research at BullionVault, says selling gold could turn out to be a mistake because the Fed could start tapering. “Changes in the size and volume of the Federal Reserve’s holdings are not constantly related to the price of gold,” said Ash. In each period of strong mutual movements that they rose or fell together, gold has seen more periods of reversed movements from the pace of QE. “
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