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Thank you for reading a story about the yellow metal facing resistance at $ 1750 an ounce, and now we start with the latest, most important details.
Gulf Track 365 – Abu Dhabi – Despite record demand for ETFs backed by gold bullion, the yellow metal still faces resistance before the $ 1750 per ounce level. The lower price momentum has caused hedge funds to reduce bullish bets related to gold. In the week ending April 21, speculative net holdings of short-term trading positions in the gold market fell to the lowest level in ten months, after a 37% drop from last February. On the other hand, the weak performance of silver, due to its association with the industrial sectors, led to the withdrawal of speculative investors. In the last reporting week through April 21, net holdings of long-term trading positions in the silver market decreased by just 13,500 lots, equivalent to an 80% decrease. In a related context, “Saxo Bank” is likely to be affected by the relationship between silver and gold trade, the risks of short-term increase, noting that this trade relationship is still stable at its highest level in several decades , above 110 ounces of silver against one ounce of gold. This occurs in the context of the weak growth of the world economy, which has led to a decrease in the demand for industrial applications and activities. In addition to the aforementioned small net holdings of the long-term trade centers, rising gold may again help garner some support from investors who focus on the relatively cheap price of silver and its position as an investment alternative. to gold.
5 factors supporting the increase in gold:
* Coverage against the liquidity of the central banks.
* Control the performance curve to curb real income
* The abundance of global monetary savings in parallel with the reduction of interest.
* Request for investment in developing markets compensates for “emerging” demand
* Increased geopolitical risks with the start of the accusations game.
4 aspects that negatively affect prices:
* Reduce closure and potential development of the Covid-19 vaccine
* Demand for jewelry has decreased in China and India
Expect an economic recovery according to Form V
Risks of banks that use gold sales to cover the budget deficit
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