WGC: Investor Interest in Gold ETFs Remained Elevated
Gold surpassed other major global assets during the year-to-date period, WGC report noted.
SEATTLE (Scrap Monster): The World Gold Council (WGC) released the latest Weekly Markets Monitor report.
According to the data, gold prices increased for the fifth week in a row. At US$3,769.9/oz, the LBMA Gold Price PM increased 2.9%. The price of gold has increased by 44.5% so far this year. According to the WGC report, gold has outperformed other significant global assets so far this year.
Gold prices were supported last week by the increased risks and uncertainties brought on by heightened geopolitical tensions and financial market volatility. Throughout the week, investor interest in gold-backed exchange-traded funds (ETFs) remained high, with North American funds driving the majority of the demand. The price of gold increased, barely missing its main technical resistance level.
In the future, geopolitical uncertainties can still have a significant impact on gold prices. The US Defense (War) Secretary's sudden call for a conference of senior US military leaders at a Virginia installation signals a further change in global threats. There are risks associated with the U.S. government shutdown that went into force today. The state of the labor market in the United States is likewise being attentively monitored.
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