Gold hit a fresh 7-month low at the start of October, falling with bond and stock prices as betting on a November Fed rate rise rose after the US government beat the weekend s shutdown deadline
Gold prices reversed most of Friday’s gain on Monday, while markets remain ‘sceptical’ about the upside potential as gold ETFs continue to liquidate and net bullish bets on futures and options declined
The price of gold held firm against a rising Dollar Monday as very poor PMI factory and services data followed a jump in Comex speculative betting that the precious metal will rise
The gold price fell $10 and then rebounded Monday after losing 3.4% across the 2nd quarter of 2023 from end-March s record quarterly finish amid weakening paper gold sentiment among Comex speculators and ETFs like the GLD and IAU
The giant GLD and IAU gold-backed ETF trust funds haven t changed in size over the last 6 months despite the Dollar gold price making an under the radar gain of 20% to set a new all-time month-average high in April