SMM12 March 14: today, the overall precious metals market is weak and volatile. Shanghai Gold 2102 fell 0.34% to 382.82%. Spot gold fell slightly, the global economic recovery is expected to continue to strengthen, and novel coronavirus vaccine has good news, risk sentiment has rebounded.
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Gold ETF--SPDR Gold Trust holdings as of December 11 were 1175.99 tonnes, down 3.79t from the previous session and the lowest since June 25, according to the world's largest gold ETF position data.
According to the latest news from the World Gold Council, global gold ETF holdings fell by 107t (2.9 per cent of total assets under management) in November, the first decline this year. Global gold ETF inflows reached 916 tonnes in the first 11 months of this year, down slightly from 1022 tonnes in the previous 10 months, but still well above the annual record for any previous year. At present, the total position of gold ETF in the world is 3793 tons.
Institutional point of view
The World Gold Council pointed out that the positive momentum of global stock markets and the increase in investors' risk appetite are the main reasons for the net outflow of gold ETF. It is worth noting that despite a certain sell-off in the gold market, the implied volatility of the gold options market, that is, investors' expectations of future fluctuations in gold prices, has not increased significantly.
ANZ (ANZ) believes that based on three major expectations, its model expects gold prices to rise to $2100 an ounce next year. "We have lowered our gold price forecast to $1900 an ounce over the next three months, but we expect it to remain at $2100 an ounce for 12 months."
DailyFX said gold needs a strong catalyst to break its trend line, such as if the Fed's interest rate decision next week has a more dovish tone, and if the new US bailout package is larger than expected, or what is wrong with the vaccine.
