(Bloomberg) – Gold (GC = F) was bordered higher as bullion support exchange sales funds continued to see a large inflow and added the most in over three years on Monday.
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Bullion traded over $3,020 per ounce, shy under $40, a record high that reached last week. According to data collected by Bloomberg, the ETF added 23 tons of gold in the last trading session.
8:02:02 AM EDT. Market open.
High interest rates are less attractive to Western investors, and gold-backed ETFs have seen sustained outflows over the past three years, as high interest rates hold cash. That trend has reversed this year, supporting prices.
Bullion increased 15% this year, as it expanded the rattle market of the trade war and promoted demand for shelters. On Monday, President Donald Trump said import duties on cars were coming, flagging 25% collections for Venezuelan oil buyers, indicating that some countries could receive a break from mutual obligations that come into effect next week.
Spot Gold snapped its three-day loss, up 0.4% at 10:21am in London at 3,023.59 ounces. The Bloomberg Dollar Spot Index fell 0.1%. Silver, platinum and palladium are all advanced.
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