Gold Market Commentary: Higher-for-longer: Inflation not growth New-high fatigue? Gold had another good month in April, posting a 4% gain and ending the month at US$2,307/oz. Unlike March, gold finished off its intra-month high from probable buyer reticence and profit-taking – reflected in falling Chinese premia, lower Indian imports and flat-lining COMEX positioning. On the flipside, the trend in North American gold ETF flows turned positive – albeit slightly – joining strong demand for Asian ETFs. Turning to our Gold Return Attribution Model (GRAM), existing variables and their longer-term relationships to gold returns have, for the second consecutive month, failed to capture price strength in its entirety. Adding a geopolitical risk proxy as well as positioning in the Shanghai futures exchange offers an explanation for some of the moves in March and April, but one other major explanatory factor is still missing. In this context, we believe that central bank buying, as recorded in our recent Gold Demand Trends report and evidenced in higher LBMA volumes, was once again a significant contributor to gold returns. April review Gold hit new all-time highs in April but pulled back by month-end: Chinese buying and central banks appear major drivers of support. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts The Silver Institute: Demand Soars to Near-Record Highs in 2024 READ MORE Hoenig Cautions Against Expecting Three Rate Cuts Amid Economic Resilience READ MORE U.S. Economic Growth Hits 3.2% in Q4, Marking Six Quarters of Sustained Expansion READ MORE Gold gains despite higher US Treasury yields, weaker dollar lends support READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment