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Weekly Gold Review: COMEX futures see good recovery after falling near $2400 per ounce
10-Aug-2024 13:14
COMEX Gold futures saw a good recovery after falling to one week lows near $2400 per ounce as weak US dollar and firm demand trends boosted the metal. The commodity started week on a dismal note, tanking in tune with the risky assets amid general unease posed by a massive selloff in equities. However, Gold managed to find a bottom and soon reverted back to winning ways, approaching towards $2470 per ounce. Escalating tensions in the Middle East also boosted bolster gold's upward momentum. Meanwhile, World Gold Council or WGC stated in a latest update that global gold ETFs experienced their strongest month since April 2022, attracting US$3.7bn in July, the third consecutive monthly inflow; all regions saw inflows with Western funds leading the way. Recent inflows and the rising gold price pushed global gold ETFs' total AUM to US$246bn, a month-end peak. Collective holdings rebounded to 3,154t, the highest since January. WGC noted that trading volumes rose across the board in July with exchange-traded derivatives leading the rebound, while growing prospects of rate cuts from major central banks pushed up COMEX gold future net longs to a multi-year month-end high.

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