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According to Muavangbac.vn, the iShares group managed by BlackRock bought net about 20 tonnes of gold in April, the strongest buying phase since September last year. The purchase lifted the group’s total gold holdings to over 840 tonnes, slightly below the record level set in February.
In contrast, the SPDR funds group continued to record light net selling in April. After increasing holdings to a record level of over 1,300 tonnes in February, the group has maintained a net selling trend without signs of reversal. By the end of April, SPDR funds held nearly 1,245 tonnes of gold.
The two largest gold-fund groups moved in opposite directions in April amid volatile gold prices that traded in a 4,500–5,000 USD/oz range. Since the start of May, the rebound has become clearer, with gold prices returning to around 4,700 USD/oz, though this remains well below the historical highs reached earlier in the year.
Mr. Kevin Grady, Chairman of Phoenix Futures & Options, said investors should not focus only on short-term gold price movements, but also monitor trading volume and open contracts. He noted that COMEX trading volume has fallen below 125,000 contracts, suggesting both institutions and individual investors are staying on the sidelines.
He added that until liquidity returns to a more stable level and prices rise alongside significantly higher trading volumes, large investors are likely to remain cautious, keeping price volatility unpredictable and unstable.
Mr. Alex Kuptsikevich, senior market analyst at FxPro, forecast that gold will continue to rise this week. He said gold rebounded strongly after tensions between the US and Iran cooled.
He also pointed out that from the weekly low to the weekly high, the current rally has fully offset the previous two weeks of decline, highlighting the strength of the uptrend. He noted the move is occurring alongside stock markets recording six consecutive weeks of gains.
After a week dominated by US non-farm payrolls data, investors will monitor a range of economic releases and events that could affect financial markets and gold. Early in the week, US existing home sales for April will be released. Attention will then shift to April CPI, along with the possibility that the US Senate will vote to approve Kevin Warsh to head the Federal Reserve.
Midweek, investors will watch April PPI, April retail sales, and weekly unemployment claims. By week’s end, the Empire State manufacturing survey for May is scheduled for release.
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