Gold and US debt are highly correlated.
We know for a fact that US debt is only going one way. pic.twitter.com/QSNmE35l87
— In Gold We Trust (@IGWTreport) October 8, 2024
Pressure at the 2,600 level for gold as the XAU/USD trades at 2,617.48.
Fundamental indicators still support the yellow metal 🪙 as both Central Banks and traders hold/add long positions.
Gold is down -1.22% W-o-W; +4.85% m-o-m and +42.70% Y-o-Y.
Brent Crude:
1/5 pic.twitter.com/4W1WiaZnj0
— Zero Equilibrium (@Zero_Analyticz) October 9, 2024
Gold ETFs registered fifth month of inflows in September, says World Gold Council
Global physically backed gold exchange-traded funds (ETFs) registered a fifth consecutive month of inflows in September as North America-listed funds added to their holdings, the World Gold Council (WGC) said on Tuesday.
Gold ETFs store bullion for investors and account for a significant amount of investment demand for the precious metal that touched a record high of $2,685.42 an ounce on Sept. 26, buoyed by the start of US interest rate cuts.
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After three consecutive years of outflows against a backdrop of high interest rates, the past five months have turned year-to-date net flows in dollar terms to a positive $389 million.