Market news

7 June 2021

Gold price set to move lower in the near-term - OCBC

FXStreet reports that analysts at OCBC note that gold fell back below the $1900 last week and a weak U.S. CPI print this week may usher the yellow metal down further. 

“Unsurprisingly, gold recorded its best monthly price gain YTD in May, rising 7.8% last month to close above $1900 on 31 May. The first few days of June, however, has been less encouraging, with gold falling back below the $1900 level.” 

“Total known gold ETF holdings rose 1.58mil oz in May.”

“With breakeven yields staying stagnant, we continue to see gold as trading too rich and expect it to continue correcting this week.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.