Gold price: ETF buying surges to 6-year high
In heavy volume, April gold futures in New York’s Comex market were last exchanging hands for $1,240.40 an ounce, down from a high of $1,254 shortly after data showed the services sector in the US against expectations plunging into deep contractionary mode and coming in at the lowest reading since October 2013. Services constitute more than three-quarters of the US economy.
Gold is experiencing one of its best starts to a year in decades. The metal is up 18% year to date thanks to safe haven buying as investors seek cover from turmoil on financial markets, worries over the economic outlook and the push by central banks around the world into unprecedented negative interest rate territory.
Since the beginning of February, more gold has flowed into the ETFs than was withdrawn in the whole of last year..
Quelle: MarketRealist, Comex
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