Standard Bank Weekly Gold Price Analysis for the Week Ended June 7th

Standard Bank

The South African Standard Bank issued its report for the performance of gold prices in the commodity market in the past week in June 7th. The report analyzed COMEX gold, gold futures and gold ETFs price movements during the week.

Comex gold net speculative length was higher for the first time in 4-weeks.

Speculative longs were down by 0.7 tonnes while speculative shorts were down by 31.7 tonnes. The current total of short positions by 332.6 tonnes, down from the last week’s total at 364.3 tonnes. These numbers and timing indicates that the gold market is still uncomfortable with the situation.

On Friday’s movements, ETFs remained a net seller for the 17th week in a row. The ETFs selling eased to reach 12.8 tonnes compared to 30.2 average weekly losses.

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