Gold price rise buoyed by strong investor interest – Commerzbank

FXStreet Insights Team FXStreet

The Gold price rise to a record high of $3,057 per troy ounce last week was strongly buoyed by strong buying interest from investors, Commerzbank's commodity analyst Carsten Fritsch reports.

Gold ETFs have been very popular of late

"According to the CFTC, speculative net long positions rose strongly for the first time in two months in the last reporting week. Gold ETFs have also been very popular of late. The world's largest and most liquid Gold ETF recorded inflows on eight of the last nine trading days up to and including Friday."

"On Friday, an increase of more than 20 tons in the holdings of the aforementioned ETF was reported, which corresponded to the strongest daily inflow in a month. Yesterday, there were slight outflows for the first time in ten days, which is likely related to better-than-expected US economic data and a resulting reduction in Fed rate cut expectations."

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