Published: 2021.04.07. Has the outlook for gold deteriorated?

Has the outlook for gold deteriorated? - Preview

As is known, the rate of gold is less dependent on industrial demand than silver and platinoids. Quotes of the yellow precious metal are often determined by speculative trading. Therefore, it is not surprising that the 6% decline in gold exchange-traded funds in the first three months of this year coincided with a collapse in precious metal prices from 1940 to $ 1,680 an ounce.

Moreover, the number of short positions is growing on the Comex futures market of the New York Stock Exchange, and there are now relatively fewer long positions. Large institutional investors and bullion banks are currently striving to fix profits by covering short positions when the rate increases against the backdrop of certain geopolitical and economic news.