Constant Selling Pressure Keeps Gold Around $1800 Per Ounce

Published on Aug 06, 2021 15:56

COMEX Gold futures tested around one week low under $1800 per ounce in last session and currently lingers around the same mark as selling pressure stayed in place for the metal ahead of Friday`s US nonfarm jobs data. WGC data showed that flows into global gold ETFs were marginally positive in July, with inflows of 11.1 tonnes (t) (US$669mn, +0.3% AUM). Inflows into European and Asian funds were mostly offset by outflows from large North American funds. Overall, the positive flows came alongside a recovery in gold prices, particularly in the latter half of the month amid concerns of uncertain global growth outlook and a reaffirmed commitment by central banks to continue easy money policies despite elevated inflation. Global Assets Under Management (AUM) stand at 3,636t (US$214bn), approximately 7% below the October 2020 record tonnage high of 3,909t.2.