Short-term-oriented financial investors are probably chiefly to blame for the price fluctuations. The somewhat longer-term-oriented ETF investors remain on the retreat in any case: outflows have now been reported again on an almost continuous basis since the start of the quarter.

We assume that the price performance in the coming weeks will continue to be dictated by US economic and inflation data because they will mainly determine the Fed’s interest rate policy.

Until there are clear signs that an interest rate turnaround is on the cards, the Gold price – as driven by data – is likely to fluctuate without any clear direction.