21 Aug 2023

Higher real rates and an upward-trending dollar spell trouble for Gold, with ETF outflows and shrinking longs in the futures market underlining weaker investor appetite

The metal has fallen below the 200-day average, with both the 100-day and 50-day moving averages trending lower. And given gold’s propensity to trend, this is NOT a positive for Gold. However, a quiet season in the jewelry market should see some pick up as the Hindu festival of Diwali approaches in November. This event is associated with gold gifting, and kicks of a wedding season in India that also features strong demand. Source: Bloomberg

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