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Home›Commodities›Precious Metals›Gold rises above $4,400 as ETF inflows total 23.5 tons…

Gold rises above $4,400 as ETF inflows total 23.5 tons in July

Commerzbank notes July global gold ETF inflows of 23.5 tons, after investors added 14.5 tons over four days, even as it flags a risk that higher oil and rates could cap bullion.

Reported · Written up by our desk · Precious Metals

Gold has pushed above USD 4,400 per ounce despite a sharp oil rally, according to Commerzbank commentary cited by FXStreet.

Carsten Fritsch said ETF investors added 14.5 tons over four days, and global gold ETFs recorded July inflows of 23.5 tons, led mainly by buying in Europe and Asia.

Fritsch remains skeptical that gold can sustain gains if oil continues higher and if Fed rate expectations rise, noting expectations were only modestly higher after weak US labor data.

FXStreet also reported gold slipped back from a peak near USD 4,435 and fell below USD 4,400 in European trading, with oil-related inflation concerns supporting the US dollar.

Latest closeGold $4,448.60 ▲2.5%

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Sources

FXStreetGold: ETF inflows and sceptical outlook – Commerzbank

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