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According to updates from Muavangbac.vn, the SPDR Gold Trust, the world’s largest gold ETF, recorded net purchases of more than 7.7 tons of gold on April 17, lifting its total holdings to above 1,060 tons. The move marked the fourth consecutive session of accumulation, with net purchases totaling 13.4 tons.
Data from Kitco showed global gold prices continued their rebound and traded around $4,800 per ounce as of April 18. Over the week, gold rose about 1.7%. Since the March 23 low of $4,400/oz, prices have climbed about 9% in just under a month.
The article notes that gold is no longer behaving as a strict safe-haven asset, instead trading more like a risk asset as inflation and interest-rate expectations drive price moves. It also highlights that any easing in the Middle East conflict could reduce oil prices, ease global inflation pressures, and temper expectations that central banks will keep rates higher for longer.
In currency markets, the Dollar Index, which measures the USD against a basket of six currencies, fell about 0.6% to around 98.
In Kitco News’ Gold Survey from last week, 10 analysts participated. A majority of Wall Street analysts predicted that a ceasefire in the region would push gold higher. Specifically, eight experts (80%) expected higher prices next week, while two (20%) expected a decline; none expected the price to move sideways.
Next week is not expected to bring many major U.S. economic releases, but if tensions in the Middle East ease, markets may refocus on domestic data that could shape expectations for Fed policy and influence gold prices.
With U.S. March retail sales data due on Tuesday, many analysts foresee a softer reading after recent gains. This would be followed by March existing home sales figures, which could provide additional insight into the housing sector, described as sensitive to interest rates.
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