Gold remains virtually unchanged amid rising US Treasury bond yields and a firm dollar. The yellow metal also shrugs off the last Fed communications, economists at Commerzbank report.

Gold remains steadfast

“Gold is continuing to hold its own against the firm US dollar and high bond yields. Remarks made by representatives of the US Federal Reserve do not appear to be having any impact on gold at present, either.” 

“ETF investors bought holdings on balance last week. The gold ETFs tracked by Bloomberg registered inflows of nearly 16 tons. This was already the 13th consecutive week to show inflows. Since the beginning of the year, inflows have meanwhile totalled over 273 tons. This makes ETF investors a key driver of the gold price.” 

“The CFTC’s data reveal that speculative financial investors have been betting more heavily on rising gold prices again of late: they expanded their net long positions by 15% in the week to 12 April, thereby bringing a five-week phase of withdrawal to an end.”