Gold fell back below $ 1,900 last week and a below-expected reading for US inflation this week could push the yellow metal much lower, analysts at OCBC Bank estimate.
Key statements:
“As expected, Gold posted its best monthly price rise this year in May, rising 7.8% to close above $ 1,900 on May 31. The first days of June, however, have been less encouraging, with gold falling below the $ 1,900 level ”.
“Total known gold ETF holdings increased by 1.58 million in May, the first positive entry into this space in three months.”
“As equilibrium returns remain stagnant, we continue to see gold trading too ‘rich’ and we expect it to continue correcting this week.”
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