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SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, continued to net-sell gold on April 22, extending a three-day selling streak. Total gold sold over the three days amounted to 9.7 tonnes, bringing its holdings down to about 1,051 tonnes.
Gold on the Kitco market closed on April 22 at 4,740.9 USD per ounce, up 18.8 USD/oz (0.4%). The metal recovered after a 2% drop in the previous session.
Gains were capped as crude oil prices and the U.S. dollar index rose. Market participants said that extending the ceasefire may not necessarily unlock flows of crude oil through the Hormuz Strait.
The Dollar Index, which measures the USD against a basket of six major currencies, rose 0.21% to close at 98.6. Analysts noted that the dollar may retain an interest-rate advantage, with the Federal Reserve potentially keeping rates higher for longer to counter inflation linked to higher oil prices.
These factors were viewed as negative for gold, an asset priced in USD that does not pay interest.
Despite the near-term pressure, Giovanni Staunovo, UBS commodity analyst, said overall demand for gold could remain robust. He cited ongoing central-bank purchases, renewed investment activity, and structurally higher demand for gold jewelry in Asia supported by higher incomes.
“Therefore, in the context of macroeconomic and geopolitical uncertainties beyond the US–Iran conflict, we maintain a constructive view on gold and believe this precious metal remains an effective portfolio-diversification tool,” he added.
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