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On 14 April, SPDR Gold Trust, the world’s largest gold fund, posted net purchases of more than 2 tonnes of gold, lifting its total gold holdings to more than 1,049 tonnes. On the same day, iShares Silver Trust (SLV), the largest silver fund, bought more than 18 tonnes of silver, interrupting a three-day selling streak. SLV currently holds about 15,290 tonnes of silver.
SPDR’s net buying came as gold prices continued their rally. Gold closed on 14 April above $4,800 per ounce, up by more than $100 per ounce in a single session, according to Kitco data.
The Middle East conflict remains a key influence on gold prices, affecting oil, inflation expectations, and the U.S. dollar exchange rate. A softening of tensions in the region can also weaken the USD’s safe-haven role. Because gold is priced in USD, a weaker dollar can provide upside for the metal.
UBS commodity analyst Giovanni Staunovo said total demand for gold is likely still robust. He cited ongoing central bank purchases, rising investment demand, and structurally higher jewelry demand in Asia, where incomes are higher.
In the context of macroeconomic and geopolitical uncertainties beyond the U.S.-Iran risk, UBS said it remains constructive on gold and views the metal as an effective portfolio diversification tool.
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