The South African Standard Bank issued its report for the performance of gold prices in the commodity market in the past week in April 29th. The report analyzed what happened in COMEX gold, gold futures and gold ETFs in the past week.
The report showed that the gold market continuing to be bearish the last week as a result of the dip of week before and the stability of gold prices began to shake by April 23th. That was reflected on the future market the last week.
Gold ETFs suffered the same loss by liquidating 59 tons the past week, continuing the fall for the eleventh week straight. Despite the “favorable fundamentals”, Standard Bank sees the gold ETFs as the factor that will stop the gold prices from continuing the fall, and gold cannot recover if this liquidation continues.