Gold continues to attract investment flows – ING
Gold edged closer to previous record highs yesterday, while silver prices broke above $45/oz (the highest since May 2011), ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold edged closer to previous record highs yesterday, while silver prices broke above $45/oz (the highest since May 2011), ING's commodity experts Ewa Manthey and Warren Patterson note.

Demand rises for safe haven assets

"The rally was driven by the broad weakness across financial markets amid growing geopolitical concerns and the outlook for the economy. Traders are also closely watching Friday’s release of the US personal consumption expenditures price index – the Federal Reserve's preferred inflation gauge. A tame inflation reading could strengthen the case for interest rate cuts and would further support the precious metals complex."

"Gold has gained almost 43% so far this year, supported by a weaker dollar, central bank buying, inflows into ETF holdings and geopolitical tensions. Total known Gold ETF holdings have increased by more than 12.8moz this year to stand at 96.2moz as of yesterday (the highest since October 2022) amid rising demand for safe haven assets."

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