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World gold prices rose sharply by 1.7% in the final trading session of April, reclaiming the $4,600/oz level, according to Kitco data.
Gold gained 1.7% in the late-April session to $4,600/oz. Before the rebound, prices had slipped toward $4,500/oz on April 29 and reached the lowest level in about a month. Despite the recovery, gold exchange-traded products continued to show ongoing selling pressure.
Muavangbac.vn reported that the SPDR Gold Trust, the world’s largest gold fund, continued to record net sales of 3.4 tonnes of gold on April 30. This extended its streak of net selling to nine consecutive sessions.
Total net selling over the period reached 24.8 tonnes, bringing the fund’s gold holdings to about 1,036 tonnes.
The article attributed the move back toward $4,600/oz to two main factors: a retreat in oil prices and a weaker U.S. dollar. In currency markets, the dollar’s weakness lowered the cost of dollar-denominated commodities for foreign buyers, supporting gold demand globally.
While gold found short-term support above $4,600 per ounce, a major Canadian bank said the precious metal remains dependent on oil prices. The bank also noted that the long-term outlook is more optimistic.
In its latest precious metals report, Bart Melek, Head of Commodity Strategy at TD Securities, said gold faces headwinds from an oil supply shock linked to the conflict in the Middle East. He said this is fueling inflation fears and pushing central banks toward a firmer monetary policy stance.
“There is a risk policy will remain relatively restrictive, leading to higher real interest rates and higher opportunity costs of holding gold. This may explain why demand from institutional investors, ETFs and central banks has been weak since the war began,” he said.
Despite the near-term headwinds, Melek maintained a bullish long-term view and expects gold to finish the year above $5,000/ounce.
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