WGC Weekly Markets Monitor: Gold Finally Takes a Breather

SEATTLE (Scrap Monster): The Weekly Markets Monitor published by the World Gold Council (WGC) indicates that gold finally took a breather after registering continuous surge for a long period.

The WGC report states that the LBMA Gold Price PM had a little weekly decrease of 0.9%, closing last Friday at $3,277 per ounce. When compared to other key global assets, the yellow metal's price has increased by 25.6% so far this year. The weekly drop was caused in part by a slowdown in ETF inflows and a dip in COMEX net longs.

But, against the general trend, China added 23 tons of gold to its gold ETF holdings during the course of the previous week. The volume of Shanghai gold futures reached its greatest point ever. Because gold prices have stabilized, sales of gold bars have remained robust.

The psychological barrier of $3,500 per ounce was tested and rejected, suggesting that gold may have entered a consolidation phase.

Regarding the prognosis, WGC stated that even though the Trump administration's trade negotiations have made headway, investors are probably going to stay vigilant. There is still uncertainty surrounding the talks, as China has clarified that it does not currently see any chance of possible tariff talks with the United States.

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