NEW YORK (Scrap Register): Holdings of gold by exchange-traded funds are continuing their recent uptrend, with a big increase occurring in data reported as of February 07, according to analysts.
“Gold is on course for a fifth consecutive gain following stronger investments in gold ETFs,” said brokerage SP Angel. Spot metal hit its highest level in nearly three months overnight.
“Gold appears to be finding support from a high level of buying interest, given that the gold ETFs tracked by Bloomberg saw further inflows of 10 tons yesterday,” said Commerzbank.
Analysts point out this was the sixth daily inflow in a row, amounting to a combined 34 tons.
“Gold ETF holdings continue to strengthen, which is assisting this upward momentum (in gold),” said Alex Thorndike, senior precious-metals dealer with MKS (Switzerland) S.A.
“The SPDR (Gold Trust), the world's largest-bullion backed ETF, increased again yesterday by a significant 8.3 tons, (or) 267,000 ounces, marking a fifth consecutive day of inflows,” he added.
