Show Me the Money! 6 July, 2020, by Vladimir Rojankovski, Chief Analyst, Grand Capital
According to World Gold Council, global gold central bank net purchases totaled 39.8 metric tons in May, in line with net purchases in March and April, and above the monthly average of 35 tons over the first four months of this year.
Gold is increasingly recognized as a mainstream investment as global investment demand has grown by an average of 14% per year since 2001 and the gold price has increased 550% over the same period. Saxo Bank wrote in its market note that gold will ‘reward the patient investor’ this quarter, seeing record high on the horizon. Spot gold futures traded at $1,772 per ounce on Thursday, up around 0.2% for the session. The main precious metal briefly touched $1,807 per troy ounce on Wednesday, reaching its highest intraday level since September 2011 when it traded at $1,819 per ounce.
According to World Gold Council, global gold central bank net purchases totaled 39.8 metric tons in May, in line with net purchases in March and April, and above the monthly average of 35 tons over the first four months of this year.
Gold is increasingly recognized as a mainstream investment as global investment demand has grown by an average of 14% per year since 2001 and the gold price has increased 550% over the same period. Saxo Bank wrote in its market note that gold will ‘reward the patient investor’ this quarter, seeing record high on the horizon. Spot gold futures traded at $1,772 per ounce on Thursday, up around 0.2% for the session. The main precious metal briefly touched $1,807 per troy ounce on Wednesday, reaching its highest intraday level since September 2011 when it traded at $1,819 per ounce.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.