The price of gold fell significantly during the last two days, reversing the profits obtained in the first half of the week, says CommerzBank raw material analyst Carsten Fritsch
Gold is less demanded as a safe refuge
“This morning, the gold is quoted by just under $ 3,350 per Troy ounce. The winds against come from the relaxation of the commercial conflict. A few days ago, a commercial agreement between the USA and Japan was reached, which could also serve as a model for an agreement between the US and the EU.”
“The resulting optimism led to an increase in appetite due to the risk in financial markets, which was reflected in the increase in stock markets. In such an environment, gold is less demanded as a safe refuge.”
“Therefore, it is remarkable that the gold ETFs tracked by Bloomberg registered inputs of 20 tons in the first four days of negotiation of the current week, with most of the tickets occurring at the beginning of the week when the price of gold rose significantly.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
