Gold Hits Three Month High On Lax Nonfarm Payrolls

Published on May 10, 2021 12:52

COMEX Gold futures raced higher in last week as an all pervasive rally in commodities boosted the yellow metal amid a tepid movement in the US dollar index and continued buying support after the metal broke above the critical $1800 per ounce mark. COMEX Gold futures jumped to around three month high near $1830 per ounce. The World Gold Council or WGC stated that Gold exchange traded funds or ETF outflows continue, but slowed with gold price strength in April. Global gold ETFs lost 18.3 tonnes (t) (-US$1.1bn, -0.6% AUM) in April, marking outflows for five of the past six months. However, global outflows slowed significantly, as European funds added assets for the first time since January. Global Gold assets under management (AUM) stand at 3,567t (US$203.0bn), after slipping below $200bn for the first time in over a year during March.