By Polina Devitt
LONDON, Aug 17 (Reuters) - Gold's 9% rebound in August to around $4,400 an ounce suggests bullion is starting to regain favour with institutional investors and central banks, leaving the market better placed to extend gains as it moves beyond the initial shock of the U.S.-Israeli war with Iran.
The outbreak of the war in late February drove gold from a record high of $5,595 per ounce in January to below $4,000 in June as investors sought liquidity and some central banks tapped reserves to support domestic economies amid an oil price rally.
"It feels as though the handbrake has finally been released from gold," said Ross Norman, an independent ****** yst.
Gold prices have broken above two key resistance levels this month, helped by lower oil prices and softer U.S. inflation data that reduced expectations for future rate hikes.
#Gold #central #polina
LONDON, Aug 17 (Reuters) - Gold's 9% rebound in August to around $4,400 an ounce suggests bullion is starting to regain favour with institutional investors and central banks, leaving the market better placed to extend gains as it moves beyond the initial shock of the U.S.-Israeli war with Iran.
The outbreak of the war in late February drove gold from a record high of $5,595 per ounce in January to below $4,000 in June as investors sought liquidity and some central banks tapped reserves to support domestic economies amid an oil price rally.
"It feels as though the handbrake has finally been released from gold," said Ross Norman, an independent ****** yst.
Gold prices have broken above two key resistance levels this month, helped by lower oil prices and softer U.S. inflation data that reduced expectations for future rate hikes.
#Gold #central #polina
8 days ago
