Gold holds near record as ETFs lure funds and US dollar weakens.
Gold (GC=F) traded just shy of last week’s record as the US dollar eased, and investors weighed a surge in holdings of bullion-backed exchange-traded funds that could help prices challenge $3,000 an ounce.
Bullion held hear $2,940 an ounce, after notching an eighth weekly gain — the longest run since 2020. Gains have been supported by a sharp increase in demand via ETFs, with holdings last week jumping by the most since 2022.
The precious metal has hit successive peaks this year, after climbing 27% in 2024, with mounting concerns over US President Donald Trump’s disruptive trade and geopolitical agendas driving demand. Goldman Sachs Group Inc. last week raised its year-end target for the metal to $3,100, saying that central-bank buying would be a key driver, as well as expanding ETFs.
Spot gold was steady at $2,940.27 an ounce at 3:27 p.m. in Singapore.
Source: FINANCE.YAHOO