WGC Weekly Markets Monitor: Investors Still Flocking to Gold

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of the most recent edition of Weekly Markets Monitor Report.

Regarding last week's highlights, the study stated that trade agreements and tariffs, together with poor U.S. labor market data, dominated sentiment. Both the U.S. Fed and the Bank of Japan maintained interest rates at their current levels as part of their efforts to continue tracking the effects of tariffs on pricing.

Weak economic data and heightened trade policy tensions were the main causes of the week-long fall in global shares. The yield on the US 10-year Treasury fell. As oil prices continued to decline, the value of the US dollar increased.

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According to the WGC, gold is still holding strong support despite the US job market's downturn and growing anticipation of further rate reduction. Risk assets fell after labor market statistics, but gold prices surged.

The price of gold fluctuated slightly on a weekly basis. Last Friday, the LBMA Gold Price PM in USD closed at US$3,347 an ounce, up 0.1% from the previous week. At 28.3%, the yellow metal's year-to-date return was essentially unchanged. Meanwhile, during the week, gold ETF flows turned negative.

According to the WGC report, gold is still holding onto important supports. The first support was observed at $3,268 per ounce, while the second support was at $3,249 per ounce.