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- Gold: Outflows in ETFs key driver behind the November sell-off - Commerzbank
Gold: Outflows in ETFs key driver behind the November sell-off - Commerzbank
FXStreet
reports that in the view of Carsten Fritsch, Precious Metals Analyst at
Commerzbank, outflows in the gold-backed exchange-traded funds (ETFs) in
November was the main driver behind the metal’s fall.
“The gold
market saw continued selling pressure last month as investor sentiment was boosted
by news of three potential vaccines for the COVID-19 virus.”
“Gold-backed
exchange-traded funds (ETFs) have been the key driver behind gold's
disappointing price action.”
"News from
India offers a glimmer of hope. Gold demand there apparently picked up
noticeably last week on the back of lower prices. A revival of physical demand
in Asia would make an important contribution to stabilizing the gold price. And
in turn, it would need to stabilize to restore the badly-shaken confidence of
ETF investors in gold."
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